Kevin Simpson breaks down the 2,600-page tax code: most of it isn't about what you owe, but how to pay less. The law rewards people who look for reductions. Spend time researching strategies yourself or with a professional, get a second opinion, and push your accountant to find loopholes.
2,652 pages. That's what makes up the tax code for the US but here's what's interesting. Only a few pages are dedicated to you legally owe taxes. The remaining pages are dedicated to here's how you reduce your tax consequences. Listen, I'm not suggesting the government's on your side trying to have you pay a few taxes as possible, but it's in there. There are opportunities for you to reduce tax consequences with nothing else changing. Meaning you don't make more or less nothing changes in how you operate your business, but you can reduce your tax consequences. So read through the tax code. Maybe have your accounting professional read through it, but maybe get a second opinion from someone else who's read through it. Maybe just search for different loopholes or opportunities for you to save on taxes. The essence of what I'm trying to teach you here is the tools are out there to legally reduce your tax consequences. But you're not going to get that unless you leverage it. So make the investment a little bit of time, perhaps doing research. You probably don't want to read the 2000 or 3000 nearly pages of tax code, but maybe you can do some research online. Maybe you can bring some ideas to your existing accountant and see what they interpret from that. But the law is in your favor. Your job is to start leveraging it. There's your weekly wake up.
