How can I pay less taxes?

Question

How can I pay less taxes?

Answer 1

Make less money.

That is the only sure fire way.

Answer 2

Adopt a homeless child or children and obtain an extra exemption for each additional dependent that you have.

Answer 3

Put money into a pretax 401k or IRA.

Answer 4

Make less money

Put money into deferred retirement plan

Invest in tax exempt items

Answer 5

The current tax code favors people with children and investors so what rich people do;

Max out your 401K, or invest in an IRA.

Invest in tax exempt bonds.

Buy US savings bonds, they are exempt from state income taxes, are tax deferred until you sell them and might be tax exempt if you use them for education.

Invest in rental real estate, when you sell you pay a lower capital gains rate on your profit, and you get to depreciate the property now.

Buy stock in good companies; the dividends are taxed at the lower CG rates, and you pay less tax on the profit when you sell.

Buy a home, you might be able to itemize because mortgage interest, property taxes, and mortgage interest is deductible.

Invest in a Roth IRA, contributions aren't deductible this year but the money the IRA earns is never taxed if you follow the rules.

Answer 6

401k, IRA, pay more for health insurance, have children, have your arm cut off...