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Taxes - Strategies or Techniques to Lower My Tax Bill?

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Kak

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When we finalized our taxes and wrote "the" check... It was hard not to have a ton of the fun sucked out of what we do. That's a problem... A problem we are fortunate enough to be able to solve.

The wife and I are both in agreement that in January we will be traveling to Puerto Rico with the intention of feeling out an eventual move there.

Move of companies. Everything.

In the interim... We have a good CPA, keep good records, and stay on the up and up.
 
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ZCP

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plan for it at the beginning of the year ...... get your books reviewed and keep them updated .....
 

MJ DeMarco

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Because you're in Arizona, it might pay to take residency in Nevada and live in AZ part time. (Assuming you are making a lot of taxable money.)

When I was rolling in huge tax bills, I could have bought a condo in Las Vegas and have had the tax savings buy it (NV State Tax = 0%)-- essentially, getting a condo for free. I went as far as putting a few offers on some places, but then I ended up selling my business and it was no longer necessary.

I think there are some folks here (won't name 'em) who are doing this do avoid California state tax -- they live in CA part time, Nevada is residence.

Hello
Just wanted to see what are your guys techniques or strategies that you use to lower down your tax bill at the end of the year ?

FYI -- I renamed your thread title "Taxes" is unlikely to grab many eyeballs.
 

Tom.V

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As @ZCP said, plan for it at the beginning of the year. The best strategies to lower your tax burden require exactly that, solid planning and execution a year ahead of time. Just so far this year I've saved more in taxes than my take home was last year by doing exactly that.
 

Ing

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Hire a great CPA and never let the "tax tale wag the financial dog".

As a German I don’t get the meaning. Can you explain for dummies? Please
 

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