Is Paying Taxes a Patriotic Duty?

In Uncategorized by kctaxexperts

Keep Your Income Tax Liability as Low as Legally Possible;
“After military service, the most patriotic thing you can do as a wealthy person is pay your taxes.” Mark Cuban.
Look, I respect Mark Cuban. He obviously is much more successful than most in the business world. However, do you think he is paying in extra on his income taxes as a tip to Uncle Sam? Do you believe he is telling the tax and accounting departments at his companies to not worry about doing everything they can to keep their tax liability as low as legally possible? No, you’re right, not likely. To be fair, I don’t know this for certain as I forgot to ask Mark at my annual 4th of July barbeque yesterday. Alright, he was not actually there, but only because he had car trouble on the way. He called and told me so personally.
Mr. Cuban is right in that we should pay what is legally due and not circumvent or flaunt the law to not pay. “Therefore render to Caesar the things that are Caesar’s, and to God the things that are God’s.” ; Matthew 21. However, that does not mean you should not do everything within your legal rights to keep your income tax bill as low as you can.
One of the most beneficial things you can do? Be very organized and meticulous with your records. The more confident you are in your records and receipts the more comfortable you will be in taking all available business deductions.