INTRODUCTION NEW SERIES HOW TO "legally" PAY NO OR LOW TAXES

HOW TO LEGALLY PAY NO OR LOW TAXES

THE BEST WAY TO PAY LITTLE TO NO TAXES

Besides earning less money, the best way to pay little to no taxes is to make your income equal your itemized deductions. Single filers get a standard deduction of $6,300 while married couples get roughly $12,600 for 2016. Therefore, make $6,300 a year or $12,600 a year as a couple and voila! No taxes.

The problem is no single person or married couple can live off only $6,300 and $12,600 in income, respectively. Hence, forget about the pitiful standard deduction. Go for the itemized deduction which includes home mortgage interest, property taxes, and charitable givings. Obviously you need a mortgage to be able to pay mortgage interest and property taxes, so consider owning a piece of property already. The government subsidizes your ownership.

As for charity, give as much as you can. It is better to give to causes you are passionate about rather than pay more taxes to the government who ends up wasting your money.