Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he richest people in America pay fewer taxes than most of their employees. However, they use perfectly legal means to accomplish that.
So to be clear, while the rich might pay less than some people think is fair, that does not mean they cheat on their taxes. In fact, the rich manage to achieve this feat simply by doing one of two things. They either know how to manage their money and finances very well, or they hire someone to do it for them. Tax planning is an art, and when done right the nation’s wealthiest individuals avoid paying more than they legally have to.
Again, they are not cheating they are just being smart. There are several methods the rich, and their tax planners, use to keep their tax bills down. Whether it’s through prudently managing capital gains, modifying your income, using proper borrowing strategies or through tax deferral, all these measures are legal and will keep your tax bill down.
If you count yourself among the nation’s wealthier class and you are looking for ways to save more money on your tax bill, then you should contact GROCO. We have been helping wealthy individuals manage their money and plan for their taxes for decades and we can help you too. Please contact us for more information by clicking here or give us a call at 1-877-CPA-2006.
How to Raise Children That Become Entrepreneurs
How to Raise Children That Become Entrepreneurs By Lauren Hidden Ever since my kids can remember, I’ve worked from home. Sometimes I have to remind them that I’m not sitting home playing with their toys or eating bon-bons when they’re at the babysitter or at school, but for the most part they “get it”. As…
Transferring Assets to a Second Spouse (and to children from the first)
Transferring Assets to a Second Spouse (and to children from the first) Elizabeth and Thomas Carr (names fictitious), both in their late 60s, each have one child from a prior marriage. During the 30-plus years of their marriage, they each have accumulated an estate of over $5 million. The full $1.5 million credit against estate…
The Roth IRA Advantage: A Closer Look
The Roth IRA Advantage: A Closer Look Since its debut in 1997, the Roth IRA, naturally enough, has been sold mainly as a retirement account. To be sure, the prospect of a stream of tax-free income to support a comfortable retirement is a powerful stimulant. To earn that freedom from taxes, you do have to…
Classification of Accepted Patterns of Reorganization
Classification of Accepted Patterns of Reorganization The seven acceptable patterns of reorganization may be classified into three categories: Acquisitive, Divisive, Re-capitalizing. Acquisitive reorganizations Type “A,” “B”, “C,” and acquisitive D, in which one Corporation acquires another corporation’s stock, assets, or some combination of both. Divisive reorganization Type D involves the division of one corporation into…