Lower Your Lifetime Taxes?
Taxes suck - what are easy ways to lower the lifetime burden without uprooting your life to move to some 3rd world
Taxes are taxing on your finance. You earn income and get taxed on it. And your income goes to social security through FICA tax. Invest that money and get taxed on the gains. Spend it and pay a sales tax (in many states). You purchased a home or car and you pay property tax. All those taxes make you want to drive to the packy (fuel tax) to enjoy a nicotine pouch or stiff drink? Well that is a sin tax.
In some of the higher taxed states, your all in tax rate between all the taxes you pay can be over 60% for high-income higher spenders. Brutal.
Lowering your taxes keeps more money in your pocket. And that gives a bigger base of investments for your returns to work on.
There are many ways and different accounts you can choose to get preferential tax treatment. Honestly, when you expand it to international choices, moving to low tax or tax haven state/countries, and all the options the uber-wealthy have at their disposal through specialized tax advisors - it gets pretty crazy all the choices.
Since I am not (nor do I assume most of you are) living internationally or so wealth I have a team to optimize my tax structures…yet…those will stay out of scope. But, even for your average W2 or small business owner, there are a lot of options out there to help decrease the taxes you pay over your lifetime.
Below are around a dozen of things you can likely do today.