Lessons From the Field #17:
Tax Avoidance is a Powerful Tool
Every dollar you overpay in taxes is precious family capital that is gone forever. As you watch today’s 55 seconds, you may want to ask yourself:
It is important to pay your taxes. Equally important is planning how to pay your fair share and no more.
There is a big difference between tax evasion and tax avoidance.
Tax evasion, the illegal non-payment of taxes, can put you in jail!
Tax avoidance, working within the law to reduce your taxes, can put money in your pocket.
In the words of the honorable federal judge Learned Hand: “Anyone may arrange his affairs so that his taxes shall be as low as possible…”
He goes on to say: “Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”
Not having a regular tax avoidance habit from January to December is one sure way to pay more than your fair share.
There are certain strategies that simply cannot be implemented retroactively once the tax year is over.
Are you leaving money on the table?