4th obstacle to creating real wealth

[Rich Weese]

And by far, is income taxes. I know there are tremendous legal methods how to not pay income taxes, or to pay very little. Judge Learned Hand(his real name!) once said in a court case " it is the right of every American citizen to arrange his affairs in the best manner possible to pay as little in income taxes as possible."
What are some of your ways to accomplish this? If you can bypass or overcome this obstacle, you have a real chance of creating wealth in this country. Remember, income is not wealth. Think about it. This is the 4th obstacle. You can find the other 3 on the Blog page. I'll give my ideas on this subject at a later time. Lets' see some of the other ideas. Rich in Fl.

[Will Barnard]

Great topic Rich. If there was an award for the best topic starter, you would be in the running!

One of the ways I have drasticlaly reduced paying Uncle Sam over the years is by being a business owner. I have always had a corporation (S Corp) which has allowed me to have many additional deductions that the average wage earner does not get. For iinstance, my personl vehicle, gas, repairs/maintenance, food, travel and entertainment all become write offs for me through the company. Those are just a few of the hundreds of items that can be deducted through a corporate entity.

Another is contributing to a traditional IRA. This also gives you a tax deduction (although upon withdrawal at age 59.5, taxes are paid then).