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However, not all methods are just about having a high-earning job.
Thats one strategy the wealthy use, known as tax-loss harvesting.
Not only does this keep your money invested, it reduces your tax liability.
Roll Losses Forward
Wealthy people often start numerous business ventures.
Yet, not every business turns a profit immediately.
When that happens, its considered a net loss.
Additionally, you’ve got the option to leave these policies tax-free to beneficiaries.
The more you earn, the higher your tax bracket leaps, meaning the more you pay in taxes.
Additionally, your childs income wont be taxed if it remains under $14,600 (as of 2024).
Then, you’re free to also deduct their income as just another business expense.
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