145 | There Are No Loopholes
When you make money, you pay income taxes*.
If you don’t make money, you don’t pay income taxes.
The fastest way to reduce your taxes is to reduce your income.
But there’s the rub.
We like the sound of less taxes, but not so much the sound of less income.
So we’re left with two choices…
You can spend in certain ways to pay a little less in taxes.
You can save in certain ways to pay a little less in taxes.
But the key is actually saving or spending in those certain ways to pay less in taxes.
There are no loopholes.
*Of course, someone is going to note that you don’t pay taxes on municipal bond interest – so I’m noting it here.