Re:Companies and Billionaires
by ChuckMcM on Monday September 19, 2016 @08:59PM
(#12536125)
This is exactly right, you can shift it into another tax year but you can't legally avoid it. But everyone's tax situation is different.
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There are ways, e.g. by donating to your own accredited charitable foundation.
Re:Companies and Billionaires
by icebraining on Tuesday September 20, 2016 @05:29AM
(#12538196)
But then you can only use the money for certain purposes.
Of course, you can't get rid of your entire tax bill (well, maybe you can, in one tax year). But you can probably do more with charities than you'd assume.
For example: let's say you buy a mansion. This mansion has a forest or large amounts of land surrounding it. A charity focusing on land or nature preservation could acquire that land.