Many Americans wish they could not only be as wealthy as Mitt Romney, but also use the tax planning strategies he has utilized to have such a low effective tax rate. Citizens for Tax Justice published a report with tax planning ideas taken from reviewing Mitt Romney’s previous tax returns. These tax planning ideas are:
- Don’t work for a living
- If you do work, disguise your compensation as capital gains
- Give to charity – but not cash
- Give to charity – but not now
- Give to charity – your own
- Use offshore investment vehicles
- Invest in sexier financial instruments
- Borrow money only to invest
- Be aggressive in your tax planning
- But don’t do anything illegal
For the complete report see this link
These are some interesting tips for planning your tax returns. Thanks for the link to the full report.