Is there a way to pay nothing in taxes or pay less legally? Can you guys tell me more on this topic on how to pay less in taxes? How do entrepreneurs escape taxes legally?
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There are really only a few ways to legally pay less taxes:
Earn less money (obviously)
Take legal tax breaks such as 401k contributions, donate to non-profits, etc.
Lose money (in the case of Trump, a LOT of money) running your business.
Trump specifically paid very little in taxes because he wrote off so much as "business expense" (plenty of other articles discuss this).
One should note that in order to claim a business expense, you have to spend money (much like donating to a non-profit). There is no legal way to magically "pay less". If you claim $100 in expenses, sure you don't have to pay taxes on that, but you have still spent $100.
Nosjack
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