Pay Taxes Like a Billionaire
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- Date Submitted: 01/21/2011 07:08 AM
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A financial article news letter by – FINANZA – The finance club of IMT – DCP, Ghaziabad January 20th, 2011 Volume I Edition: I AN INITIATIVE OF ‘FINANZA’
owners, as is travel as long as it is for business purposes. There are also ways to hire family members in a tax advantageous way.
Pay Taxes Like a Billionaire
T
he term "masstige" refers to the mass market production of prestigious products that only the wealthy could previously afford. Examples include more affordable models of BMW vehicles, such as the 1 Series sedans and X3 SUVs, smaller versions and lower-priced Tiffany jewelry or more entrylevel versions of fashionable purse and shoe models from the likes of Coach and Uggs. (Taxpayers should be wary when a new "temporary tax" is introduced). Masstige has allowed a wider base of individuals to be able to shop like millionaires. In a similar vein, opportunities also exist to pay taxes like a billionaire and lower overall taxable income. Here is an overview of some strategies available to most taxpayers.
Own Your Own Business
Own Real Estate
Owning real estate is another solid way to control and minimize taxes. Real estate can be depreciated and lowers taxable income, and expenses that go into maintaining and improving a rental property can be deducted, as can the travel costs to visit and maintain them. Rental property income is taxable, but if balanced with expenses can allow in additional overall income for property owners as well as the opportunity to benefit from real estate appreciation over time.
Earn & Save
Many wealthy individuals became so by hanging out their own shingles and starting their own businesses. Owning a business is one of the best ways to use tax strategies to your advantage as they can allow one to combine personal tax options with business ones, and being in control of both is definitely advantageous. Examples of tax benefits include expensing vehicle mileage, as it is an approved deduction for business...
A financial article news letter by – FINANZA – The finance club of IMT – DCP, Ghaziabad January 20th, 2011 Volume I Edition: I AN INITIATIVE OF ‘FINANZA’
owners, as is travel as long as it is for business purposes. There are also ways to hire family members in a tax advantageous way.
Pay Taxes Like a Billionaire
T
he term "masstige" refers to the mass market production of prestigious products that only the wealthy could previously afford. Examples include more affordable models of BMW vehicles, such as the 1 Series sedans and X3 SUVs, smaller versions and lower-priced Tiffany jewelry or more entrylevel versions of fashionable purse and shoe models from the likes of Coach and Uggs. (Taxpayers should be wary when a new "temporary tax" is introduced). Masstige has allowed a wider base of individuals to be able to shop like millionaires. In a similar vein, opportunities also exist to pay taxes like a billionaire and lower overall taxable income. Here is an overview of some strategies available to most taxpayers.
Own Your Own Business
Own Real Estate
Owning real estate is another solid way to control and minimize taxes. Real estate can be depreciated and lowers taxable income, and expenses that go into maintaining and improving a rental property can be deducted, as can the travel costs to visit and maintain them. Rental property income is taxable, but if balanced with expenses can allow in additional overall income for property owners as well as the opportunity to benefit from real estate appreciation over time.
Earn & Save
Many wealthy individuals became so by hanging out their own shingles and starting their own businesses. Owning a business is one of the best ways to use tax strategies to your advantage as they can allow one to combine personal tax options with business ones, and being in control of both is definitely advantageous. Examples of tax benefits include expensing vehicle mileage, as it is an approved deduction for business...