Search This Website

Friday, June 14, 2024

Tax Loopholes the Rich Don't Want You to Know About

 Tax Loopholes the Rich Don't Want You to Know About (2024 USA Update)

How do the mega rich skirt $160B in taxes each year? Here are some loopholes they exploit.

Armed with $80 billion in funding, the IRS is hoping to boost compliance this tax season to capture some of the more than $160 billion in tax revenue the Treasury says it loses every year because the top 1% finds ways to avoid paying “their fair share." 




💥 *BREAKING NEWS* 💥

💡 *વિન હેલ્પ એજ્યુકેશન* 


⛱️ *વિન  NMMS* ⛱️


💥 *NMMS પરિણામ કટ ઓફ જાહેર* 



 *વેબસાઇટ* 

Click here 



અમારી સાથે જોડાવા


The Inflation Reduction Act, signed in 2022, provided the IRS with fresh funding to help it beef up its staff and modernize its computer systems to get rich people pay more. Last September, the IRS posted 3,700 jobs "that generally focus on audits" and "higher-income and complex tax areas like partnerships, not average taxpayers making less than $400,000."

What tactics, though, are uber-wealthy people using to avoid the taxes?  

It turns out that not only can they afford tax attorneys, accountants and estate planners, but there are also some tax benefits that require lots of money to even access. We’ll shed light on some of those strategies available only to the extremely rich. 

“As long as it’s done legitimately and there’s no fraud, I’m OK with it,” said Ed Smith, senior tax and estate planner at Janney Montgomery Scott.

Tips from rich people on how to save:These are the tax strategies used by uber rich Americans

Important info:Are you ready to file your taxes? Here's everything you need to know to file taxes in 2023.

EDUCATION UPDATE

શૈક્ષણિક વર્ષ 2024-25 ધોરણ ૩ થી 8 માસવાર વાર્ષિક આયોજન જાહેર

કયા મહીનામાં ક્યા એકમો ભણાવવા તેનો અભ્યાસક્રમ જાહેર?
GCERT ગાંધીનગર અહીથી ડાઉનલોડ કરો

Useful link 

શાળામાં બાલવૃંદ રચના કેવી રીતે કરશો? જેની માહિતી માટે ઉપયોગી વિડિયો જોવા અહીં ક્લિક કરો 

બેઝલાઇન સર્વે પ્રશ્નપત્રનો ઉપયોગ કેવી રીતે કરવો ધોરણ વાઈસ વીડિયો નીચે મુકેલા છે

ધોરણ 1 વીડિયો જોવા માટે અહિં ક્લિક કરો 

ધોરણ 2 વીડિયો જોવા માટે અહિં ક્લિક કરો 

ધોરણ 3 વીડિયો જોવા માટે અહિં ક્લિક કરો 

ધોરણ 4 વીડિયો જોવા માટે અહિં ક્લિક કરો 

BASELINE SURVEY 202324 ની ડેટા એન્ટ્રી શરૂ*

XAMTA એપમાં કેવી રીતે એન્ટ્રી કરવી તેની સંપૂર્ણ સમજ આપતો વીડિયો.  એન્ટ્રીનો વીડિયો અહીથી જુઓ

IMP LINK 1

એકમ કસોટી પેપર ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો.

IMP LINK 2

એકમ કસોટી કેવી રીતે ડાઉનલોડ કરવી તે માટે ખાસ માર્ગદર્શિકા જરૂર જુઓ.


Latest Education update 


પ્રવેશોત્સવ આમંત્રણ પત્રિકા : અહીં ક્લિક કરો 

Education update 

આમંત્રણ પત્રિકા 2024 નમૂનો ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો

Education update 

શાળા પ્રવેશોત્સવ આમંત્રણ પત્રિકા, વિશિષ્ટ સિદ્ધિ, દાતા, CET બાળકો માટે સન્માનપત્ર ડાઉનલોડ કરવા માટે અહીં ક્લિક કરો

How the super-rich avoid paying taxes

  • Foundations
  • Property
  • Gifting
  • Family offices
  • Investments 
  • Moving residency

1. Foundations: Some begin with as little as $250,000, but a more feasible amount begins in the millions.

  • Immediate income tax deduction of up to 30% of adjusted gross income (AGI) for your contribution but only distribute about 5% each year for charitable purposes. Because that 5% is calculated off the previous year’s assets, the first year requires no distribution.
  • Avoid high capital gains tax and grow money tax efficiently. You can deduct the full fair-market value of the stock you contribute and not pay capital gains tax. If the foundation sells, it only pays 1.39% excise tax on the capital gains.  
  • Example: Investing $250,000 in a private foundation each year for five years, earning 8% annually, yields about $1.43 million after excise taxes and minimum annual distributions of 5% to charitable activities. Contrast this with $1.38 million had the money been invested in a taxable account and paid capital gains taxes along the way. 

    Building solid foundations:'There are many paths': Some NFL players find efficient ways to give back

    Famous tax return:What we know about the 6,000 pages of Trump tax returns, Republican response and more: recap

    2. Property: If you own property, you can benefit from depreciation, which is how much the value of an asset decreases over time due to use, wear and tear or obsolescence. Depreciation can be deducted from your taxable income every year and is a tactic former President Donald Trump and his son-in-law Jared Kushner famously employed year after year to avoid taxes.

    The IRS allows several types of assets that can be depreciated if used for your business such as personal property like cars, trucks, equipment, furniture or real property that includes buildings or anything else built on or attached to land. Land, though, is never depreciated. In 2023, the maximum expense deduction is $1,160,000 for most property. Residential rental property can be depreciated over 27.5 years and commercial property over 39 years.

No comments:

Post a Comment