Most people think of tax shelters as being available only to massive
corporations and the ultra-rich. But if you have a job, you have access
to a tool that can help you and your family avoid having to pay any
taxes on your investment income not just throughout the rest of your
life but for your heirs' lifetimes as well. Best of all, it's never been
easier to take advantage of these benefits. All it takes is opening a
Roth IRA.
How you can become like a big corporation
Back in 2011, the Institute on Taxation & Economic Policy
collaborated with the Citizens for Tax Justice to create a list of what
it called "Corporate Taxpayers & Corporate Tax Dodgers" covering
the preceding three years. Noting factors like accelerated depreciation,
deductions for stock options, offshore tax shelters, and
industry-specific tax breaks, the report identified many companies that
not only avoided paying income tax over that three-year period but also
got net refunds back from the U.S. Treasury. Corning (NYSE: GLW ) and Honeywell (NYSE: HON ) were among the 30 companies that had negative tax liability from 2008 to 2010, according to the report, while Wells Fargo (NYSE: WFC ) and AT&T (NYSE: T )
received the largest amounts in what the report called "tax subsidies"
-- representing the difference between what those companies paid in tax
versus what they would have paid under the 35% corporate tax rate.
Through perfectly legal means, these companies all managed to hold the
IRS at bay. (more)
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