Money Guy Show How to Avoid Paying Taxes in 2024
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Dec 1, 2023 Discover strategies for legally avoiding or minimizing taxes, including retirement contributions, health savings accounts, and real estate investments. Learn how to navigate the tax system and take advantage of tax benefits such as capital assets and tax-free capital gain distributions. Explore maximizing retirement contributions for business owners and the potential tax benefits of choosing tax-friendly locations or moving to Puerto Rico. Get practical tips on reducing tax burdens and accessing valuable tax resources on moneyguy.com.
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Retirement Plans for Tax Avoidance
- Utilize retirement plans to legally reduce your tax burden.
- Explore options like IRAs, HSAs, and employer-sponsored plans like 401(k)s.
Investing for Tax Benefits
- Invest in capital assets for tax advantages.
- Long-term investments can qualify for lower capital gains tax rates.
0% Capital Gains
- Lower-income individuals or those in retirement can benefit from 0% capital gains rates.
- This applies to married couples below $89,250 and singles below $44,625.