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How wealthy people leverage Tax to their advantage
Finance
3 hrs ago
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Emmanuella14
3 hrs agoThis doesn't mean they get to avoid tax completely rather they minimise their taxes, most wealthy people have various investments that grow to an appreciable value overtime. These stock owned by them are not sold when the value appreciates in order to generate cash for different uses however they use loaning as a strategy to get cash using their portfolio, loan are not considered as taxable income hence it is a tax-free way of getting cash. Another strategy they employ is the charity donation this involves wealthy people donating huge amount of money to charity or even establishing their own foundation. This move also reduces taxable income.
As a business owner, reduction of excessive expenses can reduce your tax liability.