What do the very rich do to avoid taxes?

I posed this question on another forum, but maybe phrased it incorrectly, as the answers applied to inheritance and setting up a Jackie-O charity fund, etc. I'm more concerned about keeping my income now, maybe spending it on a Ferrari, etc.

If you have a 6-figure tax bill, how do you make that go down to something more reasonable?

We have about $46k in itemized deductions as-is, but still paid 6 figures in tax.

Any crafty accountants in the house?

 

Do yourself a favor, ask for the mods to delete this thread, and hire a tax attorney or account.




Mark

 

Too late, the IRS already screen capped it and ran the IP.

 

See if you can find a guy named Norm Peterson.

 

Paying six figures in taxes but asks for advice in a public free area of a forum from strangers?

 

if ur paying 6 figures in taxes ur effed. if ur paying 7 figures in taxes ur still effed. if ur paying 8 or 9 figures there a few things you can do. lol

 

That's what I figured!!!

 

Hey, you guys might have some good free advice.

 

Pffft. That would cost money. I'm trying to save money here.

We hired an accountant to do our taxes when we first started dealing with rental property and had a big inheritance in the same year. Paid $1000 to her, and got a decent tip that saved us a little $. But in order to extend her teachings to cover my income completely, I'd need to stop making W2 income and start making 100% rental property income.

I was tempted to subscribe to F-chat to ask this in Silver or Rossa private forums, but that's more expensive than trying my luck here first

 

that's the point right there - as long as ur w2 you are going to pay the taxes. as much as it sucks better to just pay them. al capone went away for tax evasion!

 

a little late for the 2015 tax year... it's like a chess game, one needs to plan tax moves well ahead of the current one due... follow the tax codes there are plenty of twists and turns to avoid the tax bumps... like anything poorly planned only yields trash

 

When my accountant gives me a big tax bill he says be grateful you made that much. So my answer is find gratitude and pay the man.

 

I will pay no penny more than legally forced too.

Kai

 

It's easy if you go into a tax free business...

Like prostitution or drug dealing or politics.

 

I can help.

Write me a check for 6 figures and I'll tell you how.

Make the check out it out to Complete Alternative Savings Handlers, or C.A.S.H for short.

 

Get into politics

 

are they not the same?

 

True. The sad thing is that 99.9% of the people that complain that "rich people get all the tax breaks" have no idea that it isn't even remotely true for the vast, vast, VAST majority of "rich people".