How to Legally Pay Less Taxes in 2024
Posted by Redmannn-red-3248@reddit | Libertarian | View on Reddit | 61 comments
Posted by Redmannn-red-3248@reddit | Libertarian | View on Reddit | 61 comments
BitsyVirtualArt@reddit
You don't get taxed to invest, you get taxed to take profits.
ShanayStark7@reddit
That’s even worse, I take all the risk and the govt gets free money. It’s a horrible deal.
super_hot_juice@reddit
And you get to live in the greatest country in the world that happened because of your tax money.
ShanayStark7@reddit
Are you telling me the government is not bloated beyond recognition with useless departments with massive overheads? You can still live in the greatest country in the world with 60% of what they are charging you for that bragging right.
MysteriousShadow__@reddit
Which is why you take out a loan against your stocks ez
Ottoblock@reddit
Someone running for president wants to change this, and tax unrealized gains before you ever get a chance to pull your money out.
At least thats what I dun hurd. I might just be an idiot.
Callec254@reddit
Just wait until they implement "unrealized gains tax".
AlphaTangoFoxtrt@reddit
Tomayto, Tomahto
RonaldFKNSwanson@reddit
I prefer tomato tomato. Make them more confused than they were when you arrived.
JustAHumanBeing001@reddit
Don't pay taxes. Don't be afraid of their firepower.
syracTheEnforcer@reddit
You first champ.
Not saying I don’t disagree but if you show up on the government’s radar you absolutely should be afraid of their firepower and/or the ability to skullfuck your life.
JustAHumanBeing001@reddit
I'm not scared to die for justice and good causes and the truth. Plus I know how to stay away from my enemies eyes, and I'm always careful.
syracTheEnforcer@reddit
Haha. Ah yes. The Bill Cooper route. You go out and give that a try and not only die, but disappear to history. Justice, causes and truth? Gimme a fucking break dude.
JustAHumanBeing001@reddit
You have no idea what are you talking about. You're just assuming and talking random stuff. No one have the right to force me to give them my hard earned money.
syracTheEnforcer@reddit
I agree. Fuck taxes.
But we live in reality. And this is the only life we have. You’re seriously willing to give up the only true thing that you have for some vague unrealistic cause that will result in nothing except your death that people will think about for two minutes?
Seems like a waste of life.
Gunter5@reddit
Why is the the only countries with very low taxes are also shit holes, almost. It's almost like the crackpipe libertarian dream is only good if you've got like over 100mil
syracTheEnforcer@reddit
You’re going to have to be more specific. Because this shit doesn’t even make sense. What is your definition of very low taxes? What shitholes are you talking about?
And if you don’t at least lean libertarian a little bit why are you here? Pretty sure I know why.
JustAHumanBeing001@reddit
All I said was I don't pay taxes and never will.
JustAHumanBeing001@reddit
I read about that guy you mentioned. He got killed while shooting at cops who tried to arrest them. First of all I don't care what others thinks of me, it doesn't matter what history remembers me. And there are a lot of things in history that are wrong and destorted. If someone shoots at cops for an arrest and he didn't deserve to be arrested then it's nothing but self defense .
syracTheEnforcer@reddit
I mean the main warrant they were serving was for assault with a deadly weapon and endangerment. He did have a warrant for tax evasion as well. He also shot a cop in the head while resisting even if he felt it was unfair.
It’s not even about being remembered throughout history. It’s about throwing away the only true thing we have, which is life. If you want to waste it for a meaningless cause, go ahead.
H_O_M_E_R@reddit
You forgot to tip your fedora to us at the end.
JustAHumanBeing001@reddit
What's that? and btw seems like some cowards tyrant lovers boot lickers out there downvote me 😂
Maltoron@reddit
Well? What are the strategies? I use a ton of the basic ones, but more is better.
gizram84@reddit
Have lots of kids. $2k a pop tax credit. And credits are much more valuable than a write off.
Maltoron@reddit
Pretty darn good, does have the problem of only lasting 18 years per kid, but handy during.
In a couple states with income tax, you can get credits/deductions for investing in 529s. I put in the credit max each year, and you don't need to have a recipient in mind when you do it, just set it to yourself and then reassign it to your person/child of choice when you want to use it! Plus they have a new thing where a 20+ year old account can have I think 20 grand rolled over into a roth account per person, though it's treated like a pre-tax account for that, so not as optimal. Tax free on normal school contributions though!
azsheepdog@reddit
You dont get taxed when you invest $100. You get taxed on your profit of the investment. All my investments lose money so I have successfully avoided taxes on my investments for years.
smart-username@reddit
Capital gains tax doesn’t adjust for inflation, though. If your investments just hold their value against inflation, you get taxed even though you didn’t make any money in real terms
LoneHelldiver@reddit
Good point.
pantuso_eth@reddit
Except!! Except when you invest in real estate.
jmd_forest@reddit
That's one way to fuck over the tax man!
mustardmind@reddit
tax man doesnt care who made profit from that investment, he will just tax the other guys on that trade. doesnt make difference to tax man.
Webdogger@reddit
This is how Trump avoided paying taxes for years.
BagelsRTheHoleTruth@reddit
In fact, my investments lose so much money that I have a $3k write off for the next 25 years!
The IRS hates this one simple trick!
stockchaser317@reddit
WSB is leaking.
geektardgrizzle@reddit
Bindenomics is working!
AshingiiAshuaa@reddit
Are you here from wsb?
pantuso_eth@reddit
Correction:
You get taxed when you earn $100
You get taxed when you spend $75
You get taxed for owning the $65 of property
whoarethebritons@reddit
A
staticattacks@reddit
You get taxed when you give someone a $100 gift
You get taxed when you die with $100 in your pocket
BasileusLeoIII@reddit
The annual per-person gift tax exclusion is $15k, and the estate tax doesn't apply to a couple's estate under like $23mil
jmd_forest@reddit
FTFY. At least in my state and at least one neighboring state there is a state estate tax that taxes every single dollar of value in the estate.
SOURCE: Have fairly recently been executor to several estates in my state and neighboring state.
BasileusLeoIII@reddit
A: move
B: it's pennies on the dollar compared to federal
jmd_forest@reddit
Neither of your suggestions invalidates my statement noting that there may be a state estate tax despite the possible lack of federal estate tax.
The tax is collected by the state in which the deceased resided, not the state in which the executor resides, so MY moving would have zero effect on the tax.
The "pennies on the dollar" cost $30k of the first estate I settled; more than enough to piss me off.
JagerGS01@reddit
I would like to take the opportunity to say that estate taxes can be avoided by putting the assets into a trust. I web searched it because I was curious. Hope it helps someone else.
jmd_forest@reddit
Much of the funds in one of the estates was in a living trust. It was not exempt from the state estate tax.
pro_nosepicker@reddit
Moving is not always a realistic option , and let’s not normalize or minimize government overreach.
MagillaGorillasHat@reddit
$18K is just for reporting. No taxes are paid on gifts until the lifetime limit of ~$13 million is reached.
https://www.nerdwallet.com/article/taxes/gift-tax-rate
mmbepis@reddit
They want to tax you for your $100 investment increasing to $120 even if you don't sell
BagelsRTheHoleTruth@reddit
Big asterisk needed here, friend.
***If your net worth is over 100 million
Maltoron@reddit
Theft is theft, just because it doesn't affect me (yet) doesn't mean I shouldn't defend those that it does target.
mmbepis@reddit
Bigger asterisk:
For now
Don't think it won't get expanded just like every other tax aimed the 1%, income tax included. Cut spending instead
canonmp11dx@reddit
No you don’t. You have to exceed $13mm before you’re taxed on a gift.
XiphosEdge@reddit
Your family gets taxed to dispose of your body
willydajackass@reddit
Then you get taxed to cross the river when you die and at the Pearly gates.
blaspheminCapn@reddit
Best to have a coin in your mouth
yeezysama@reddit
Is this an ad?
DravenTor@reddit
Then you gotta pay the boatman when you die to cross the river styx. That's after the death tax, of course.
AshingiiAshuaa@reddit
Don't forget the property tax you pay directly (or indirectly via your landlord). Typically several hundred bucks a month "rent". If you don't pay they confiscate your house.
codifier@reddit
That's a big list
AlphaTangoFoxtrt@reddit
Partial list
CannectCommunity@reddit
Start a company. Bill your employer as a contactor. Take a trip to Mexico. Open a bank account. Have your $ direct deposited into that account. Buy all of your stuff and pay all your bills on a credit card. Pay your credit card from that account.
When the IRS sends you letters don't open them. Send them to your lawyer.
When they come with local police to arrest you go quietly. They can't hold you for more than 24 hours without cause. And they can't produce any legal documents saying you have an obligation to recover notes borrowed from the federal reserve by the USA.
I am not a financial advisor and this is not financial advice.