Posted under Finance
Income tax sucks.
Best way to avoid it or minimize it is just to set up a dummy coporation.
With a corporation under your name, you can deduct all kind of expensives like car lease, cell phone bill, insurance bill, etc. And maybe even deduct your house mortgage. Effectively you will be reducing your taxable income next to nothing, therefore you will only have to pay very little income tax. For example, if your corporation made $100,000 in net profit, and you managed to creatively write off $80,000 in expensives, then in the end, you will only have to pay income tax on $20,000 instead of the original $100,000.
Setting up a corporation is dead simple. You might need to pay about $500/year in administration fee, but this is little compared to tax money it will help you save.
