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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with taxes.
Death and taxes. It’s hard, if not impossible, to escape either.
However there are ways you can skillfully navigate the tax codes to reduce your tax liability legally.
White Coat Investor helps you set a plan in motion in, “How to Use Tax Diversification To Reduce Taxes Now AND in Retirement.”
The media loves to highlight examples of the mega-rich game the tax code.
One common example is the fact that Warren Buffet has a lower tax rate than his secretary (I feel the general public misinterprets this by thinking Buffet pays a lower total amount in taxes than his secretary).
Well if you cant beat them the best thing to do is join them and use similar techniques that the billionaires use, albeit on a smaller scale.
Financial Samurai discusses this in, “Never Sell Assets And Pay Less In Taxes Like Billionaires.”
It is better to give than receive.
We usual think of gifting around the holidays.
However if we are really clever we can find ways to gift year round in order to reduce the tax burden our heirs might face when we pass.
FI Physician demonstrates how this is accomplished in, “Gifting Gain Assets to get a Step Up at Death.”
Physicians are high earners and thus tend to be subject to the highest marginal tax rates both on a local and federal level.
All is not lost, however, as there are still ways to whittle down your tax burden.
Debt Free Doctor helps you plan your attack in, “5 Outstanding Tax Strategies For High Income Earners.”
It is definitely unfair but 1/2 the population is subject to a tax the other half does not, regardless of income level.
Curious what it is?
The Female Professional (her moniker should give you a clue) discusses this tax that is gender specific in, “The Pink Tax: What It Is & How It Affects Women.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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