Higher Taxes Can Be Avoided

Self reliant activities sometimes provide the ability to save on or avoid taxes.

First, let's be clear-- tax avoidance is legal, tax evasion is illegal. That said . . . How do you avoid taxes? Simple-- avoid:

  • Certain commercial transactions and transfers-- sales taxes and fees can be avoided
  • Ownership of taxable property-- renting and leasing can circumvent some taxes
  • Assets that are taxable-- certain assets allow for tax deferral or exemption from tax
  • Certain income-- especially W-2 earned income (self employment income is usually more advantageous)

Specifically, the self reliant individual should:

  • Engage in DIY projects
  • Make "it" or process "it" themselves
  • Use temporary, non-property tax based structures
  • Look for opportunities to recycle, reuse, and repurpose
  • Explore the classifieds and Craig's List
  • Shop tag sales/yard sales/garage sales
  • Buy from church and school sales

You may have noticed that the key is to use your time and not your money. Money can be assessed tax dollars on a federal, state, and local level-- time and non-income efforts cannot be taxed.

Clair Schwan and I have often discussed these ideas in our personal conversations, as well as on our individual sites-- Tax Avoidance - be the oddball and How to Legally Beat Taxes . . . . With a little creativity, one can reduce their tax liabilities significantly. 

Look for more ideas on holding on to your money or exchanging it for true value in future posts . . . 

This post originally appeared on Self-Reliance-Exchange.com, here is the link to the original post:  Higher Taxes Can Be Avoided.



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Related posts:
Do You Lead a Self Reliant Life?
Self Reliance is About Power . . .
A Taxing Recap . . .
Tax Avoidance is Your Civic Duty!
Don't Give the Government an Interest Free Loan!
Historical Tax Rates
Tickets as Taxes
News Flash: Taxes Are Going Up

 

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