Money Talks: Tax Avoidance

Tax evasion is the failure to pay or a deliberate underpayment of taxes. Tax avoidance is an action taken to lessen tax liability and maximize after-tax income. We’ll be discussing ways to avoid taxes legally and give some tax-efficient investing tips. Our experts also take your other personal finance questions. 

The Senate passed Inflation reeducation Act of 2022 allocates approximately 124 billion dollars for IRS tax enforcement. https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

The IRS’s website: https://www.irs.gov has a “get answers to your tax questions” area where you can find authoritative tax information. The IRS encourages taxpayers to create an I D me account from https://www.irs.gov/ so they have access to their tax information. It is a multistep process that uses facial recognition and authentication to prove that you are you.

Questions:

• W9
• Capital gains in MS
• Timber sales
• REITs
• Tax on Municipal bonds
• Vacation home expenses

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