How To Pay Zero Taxes Legally

Wow, shame on me for not better understanding the US tax code – – now I have no issue with paying my fair share, you know my civic responsibility and all that, but over at GoCurryCracker! they show you that you can earn up to a certain amount of money (earned income from a job) that is essentially offset through standard/itemized deductions and exemptions, and you pay zero tax — that’s right, I said it correctly, you pay zero tax!!  Now, if your earned income exceeds the defined IRS level for the current year, you need to start paying taxes, BUT, BUT, and this is where I fell off the chair, you don’t have to pay tax if the money is from investment income (qualified dividends and long term capital gains) up to a limit of course.  After reading the post a few times I quickly found my way to an income tax calculator to see this for myself – I was simply floored how much money I could make in a given year and pay absolutely no tax (combination of earned income plus investment income, standard/itemized deductions and exemptions), and it was all legal, all legal!

Now I am not doing justice to this FIscovery, it is a must, must read, not only do they further expand on the above, adding so much color, they go on to further talk about Roth IRA conversions and harvesting capital gains and losses. Just brilliant!

Read this article on GoCurryCracker!