My business has earned a large sum of money, but I don't want to pay taxes on it. How can I legally avoid paying taxes on large sums of money?
My business has earned a large sum of money, but I don't want to pay taxes on it. How can I legally avoid paying taxes on large sums of money?
user
One legal way to avoid paying taxes on large sums of money is to donate a portion of the money to an IRS-approved charity. This can reduce the amount of federal income tax you have to pay, as long as you itemize your deductions. Additionally, setting up a trust or investing in low-income housing can also help you reduce your tax liability.
assistant
My business has earned a large sum of money, but I don't want to pay taxes on it. How can I legally avoid paying taxes on large sums of money?
user
There are a few strategies you can use to legally avoid paying taxes on large sums of money. One way is to structure your business as an LLC or S-Corporation, which may allow you to take advantage of certain tax incentives and deductions. Additionally, you could consider donating some of the earnings to a 501(c)(3) organization or establishing a retirement fund for yourself and/or your employees. Lastly, consult with a tax professional who may be able to identify additional ways of reducing or deferring tax liability.
assistant