2007-01-25 06:12:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You can certainly pay 10% legally, even 0% and get an refund if you qualify by IRS rules. Bending those rules can get you in big time trouble though. The higher your income gets, the more scrutiny with be paid to the validity of your deductions. The IRS rules are full of perfectly legal deductions. That's what keeps all those tax accountants in business.
2007-02-01 02:25:01 · answer #1 · answered by Taylor1 3 · 0⤊ 0⤋
Many people pay that or even less. The tax laws are complex. With all of the potential deductions and exemptions your final tax liability may well be less than 10% of your gross income.
Anyone who claims that your tax liability is anything other than what the IRS says it is is an outright liar, though. Do not risk your finances or freedom over cockamamie scams to try to cut your tax bill.
2007-01-25 06:21:01 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Looks like he's pushing everyone to create some type of business, and use that to push through every possible deduction under the sun.
This is generally perfectly legal, as long as your "business" is reasonably legit and shows a profit every couple years at least.
It's aggressive, but if done right, perfectly legal and acceptable.
2007-01-25 06:59:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No I haven't heard of him and yes you can pay only 10% in taxes legally. Please feel free to consult any reputable CPA who will explain to you if it is possible in your case. Do not fall for any sales pitch without having a professional scrutinize it in detail. The IRS targets abusive tax avoidance schemes and penalizes the investors as well as the promoters.
Edit; interesrting link. Any tax professional knows it does not actually work.
2007-01-25 06:19:46 · answer #4 · answered by skip 6 · 0⤊ 0⤋