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If You Make Over 100K, How Can You Keep Your Money?
By Darrin Mish
The argument can be heard all the time. The IRS and the government tax everybody else and collect more money from the poor than they do from the rich. The rich are forever applying tax loopholes so that they do not have to pay any taxes. They are getting away with criminal practice! Over the years, the system has been abused. Tax professionals can indeed determine loopholes to let people pay minimal taxes. Only people earning more than $100,000 yearly can afford them, however. There's a difference between taking advantage of a loophole and acting illegally. If you want to pay less taxes while keeping the IRS away or staying out of jail, there are various steps you must avoid and various steps you can do. A great idea is to try to reduce your exposure as much as possible. Nearly 60% of the taxes are paid by people who are making more than $100,000 yearly. This is where the IRS exerts a considerable amount of effort. In correlation, anyone who makes over $100,000 per year has a much higher risk of getting audited. It becomes even more essential and pertinent that you save very detailed and organized records that can be used in the case of an audit and other IRS problems. How they are cheating the IRS of taxes with offshore accounts are what most people like to show off about. Typically, these people get caught. This is because anybody who reports such offenders are rewarded by the IRS of up to 10% of the amount settled through their fraud hotline. You may have to keep your ears open for such offenders. There are so-called 'secret' ways to pay taxes less sold to people. With the tax code free for examination for anyone who wishes to, do you truly believe these 'secret' ways exist? The IRS and the courts are most likely to reject these. And because it is a waste of the government's effort, anyone filing a fraudulent tax return can be fined up to $25,000. A loophole that business owners like to abuse is the deduction of business expenses. The IRS has reason to audit them when they attempt to deduct personal expenses as business expenses. If you don't want IRS issues on your hands, it is best to distinguish between personal and business expenses.
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