Why as Americans are we paying so much for Taxes I work and make 17 dollars an hour and work alot of overtime I changed my with holding for a few months and the difference in my net pay have been great! I keep putting off changing it back because I know uncle sams going to eat my money up again Any ideas on how to avoid high taxes?
2006-08-13 20:38:00 · 4 answers · asked by sueblue47 1 in Business & Finance ➔ Taxes ➔ United States
As you see it all adds up to the same thing make less money! Im already living pay check to pay check. Why as a non communist country are we working so hard for nothing?
2006-08-13 21:48:56 · update #1
there no way to stop paying high tax
make less money less tax
2006-08-13 20:42:13 · answer #1 · answered by Stan the man 7 · 0⤊ 0⤋
The first step is to get rid of the Democraps and Repugnicans. The US has plenty of income. Far too much is siphoned off into waste and corruption.
Buy a house, thats the only legal tax shelter availible to the common man. Children cost more than the tax break you get for them. So no help there. I actually took a small pay cut once to reduce my taxes. By reducing my pay by $2,000 a year I was able to bring home more than $3,000 extra each year. This only works if you are the edge of a tax bracket. I also refused all pay increases as inflation was lower than the cost in taxes to take a small raise which pushed me into a slightly higher bracket.
The witholding thing catches up to you at the end of the year. I had to change my witholding to save up to pay closing costs when I bought my house. It was really nice having all that extra money and it was really hard to change my withholding back.
Wish there was more you could do. If you hear of good ideas let m know because taxes has been my biggest expense for years. I pay more in taxes than I do for food, housing, transportation combined. I've never been rich either. Usually I have lived one paycheck from being homeless despite making decent money. Supposedly middle class money. Yeah right! I could have bought my car cash for one years taxes. Bought my house cash with less than 5 years taxes. Instead I struggled day to day just trying to make basic bills and doing without luxories and completely unable to save.
2006-08-14 03:54:23 · answer #2 · answered by draciron 7 · 1⤊ 0⤋
If the company you work for offers a tax deferred retirement plan put the max into it. Tax is put off until you retire. You earn interest on the money you would have paid into taxes and you pay a lower rate at retirement. Also look into IRA accounts.
2006-08-14 14:16:32 · answer #3 · answered by Barkley Hound 7 · 1⤊ 0⤋
The easiest way to avoid paying a lot of taxes is to not make very much money......other than that, like they say....."There are two things that you can't avoid...death and taxes!"
2006-08-14 03:41:40 · answer #4 · answered by old dude 5 · 0⤊ 0⤋