Want To Protect Your Income From Taxes? Consider These Tips

LLM in taxYou can think of taxes as a “subscription fee” paid by citizens to the state/government. In return, the government promises its citizens healthcare, infrastructure, education, and security. The technicalities surrounding taxation continue to remain a political challenge in all countries.

Some countries levy high tax rates while others may become tax-free havens for the corrupt. Regardless, wherever one lives, there are local, state, and federal laws that determine the amount of tax one should be paying on her/his income.

Higher income should equal higher taxes, right? Not necessarily. It is an open secret that the rich pay less taxes than ordinary working-class citizens. Wealthy Americans often joke about how they pay less in taxes than their secretaries or other employees. However, before assuming that all wealthy individuals are tax-evaders or involved in unlawful practices, educating oneself on the subject can help understand tax management better.

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