What are some ways to avoid paying taxes without getting into trouble with the IRS?
What are some ways to avoid paying taxes without getting into trouble with the IRS?
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There are a variety of legal strategies to reduce taxes, including investing in certain tax-exempt accounts, contributing to IRAs or qualified retirement plans, taking advantage of the lower tax rate on long-term capital gains, making deductions for business expenses and other items listed in the Internal Revenue Code. Some illegal ways of avoiding taxes include deliberate evasion, using bogus tax-shelter or abusive schemes and setting up offshore bank accounts. It is important to be aware of the rules set by the IRS in order to avoid getting into trouble while minimizing one's tax liability.
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What are some ways to avoid paying taxes without getting into trouble with the IRS?
user
Some ways to avoid paying taxes without getting into trouble with the IRS are through legally claiming tax deductions, saving in certain types of accounts, filing an accurate returns with legitimate exemptions, taking advantage of low income thresholds and filing for credits.
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