Taxes are boring, and yet they directly affect so many people economically, that it might be time to learn the secrets to tax avoidance.
Anything that involves handing any part of your hard-earned money over to the Government to watch them mismanage it is painful.
That’s why you want to avoid paying as much as possible in taxes.
The good news is, there are a number of tax loopholes you can use to help reduce your tax bill. While you’re reading these, keep in mind that the tax code changes every year, so you should do your own due diligence.
(Not that reading thousands of pages of tax code annually isn’t excruciating.)
Let’s start with a few simple loopholes that have the potential to save you thousands in taxes each year.
If you’re itemizing taxes, it makes sense to look into the mortgage interest deduction. You need to be a homeowner, and your primary residence is the only one that applies specifically for this deduction.
Then there’s the child care tax credit. According to GoBankingRates: “The child tax credit can be worth up to $2,000 per child living in your household, and it’s partially refundable.”
There’s also the option to leverage your retirement accounts the standard way, by stuffing some of your income into a 401(k) for example. In most cases, every dollar you save helps to reduce your taxable income by the same amount.
If you’re a venture capitalist or manage a hedge fund, you might already be using the carried interest loophole.
The simple version is, income earned in these professions is considered a form of distribution. That’s taxed much differently than regular income. This rather “boring” loophole can save tens to hundreds of thousands of dollars a year.
Then once in a while you might see an absolute miracle when it comes to saving on your taxes each year…
Leverage Your Vote to Reduce Taxes!
This year, Coloradans have the rare opportunity to vote on a tax DECREASE. Proposition 116 would reduce Colorado’s state income tax from 4.63% to 4.55%.
So if you happen to live in Colorado, and the idea of keeping more of your own money appeals to you, vote yes on Prop 116.
The opportunity to vote on a tax decrease anywhere in the U.S. is exceedingly rare. Most of the time, you’re voting on tax increases and you have to hope and pray that those increases don’t pass.
Of course, if you’re looking for tax relief, hoping voters make the right decision is a fool’s game. The average voter pays way too much attention to CNN and other fake news.
Look, you can find all the “boring” tax loopholes you want, if you’re willing to sift your way through thousands of pages of tax code every year or hire the right CPAs.
A potentially better idea: You can simply move somewhere else that already has lower taxes or allows you to leverage the tax law for greater savings.
That could open up all kinds of tax loopholes that those “in the know” use year after year.
Big “Secret” to Tax Avoidance that Keeps on Giving
Of course, moving to a different country is a big decision. But regardless of where you live, you can still leverage the powerful tax avoidance loopholes of offshore banking and brokerages. And you can also do it 100% legally “off the radar.”
Here’s how to get the information you need…
As you probably know, I’ve been living the life of a “digital nomad” since 2001. During that time, I’ve learned dozens of extremely valuable lessons about how to reduce or eliminate your tax obligation while maximizing your freedom.
I created GWP Insiders to share those lessons.
In fact, I recently updated the entire membership area and I’m relaunching it as GWP Insiders 3.0. And, for a limited time, you can save 70% on membership.
Why should you seriously consider this?
GWP Insiders is a complete roadmap of internationalization strategies for location independent entrepreneurs and investors looking for answers to tax, residency, wealth, and lifestyle questions.
Bottom line, we believe in REAL freedom. Freedom to keep the money you earned. Freedom to travel where you want, when you want…
Freedom to be private and secure in your business affairs and day to day life.
When you become a member of GWP Insiders, you’ll have access to some of the most valuable and closely guarded secrets the wealthy use to protect and grow their wealth.
For example, you’ll discover:
- How to obtain citizenship and a second passport in less than one year.
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And much, much more.
Right now, you can save 70% on your GWP Insiders 3.0 membership. But please hurry because this offer won’t last much longer.
To living privately,
Location Independent Entrepreneur
P.S. There is no reason to sift through thousands of pages of tax code each year. Become a GWP Insiders member today and learn the tax avoidance strategies you need to know, all about offshore banking, and how to grow your wealth outside of the U.S.…