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--- income_tax [2026/03/12 04:04] – [State Tax] jhagstrand
+++ income_tax [2026/03/12 04:11] (current) – [Input Documents] jhagstrand
@@ Line 29: / Line 29: @@
 ===== Tax Minimization =====
-It is totally legal to minimize taxes by maximizing expenses.\\
+It is legal to minimize taxes by maximizing expenses.\\
-It is not legal to //avoid// taxes by f//ailure to report// income.\\
+It is NOT legal to //avoid// taxes by //failure to report// income.\\
-The wealthy can create a business, form an LLC, and expense most of life's expenses.
+The wealthy can create businesses, organized as LLCs, and write-off most of life's expenses, until their is no tax to be paid.
-The super wealthy can create a charity, a bank, a church, or a nation-state and create money out of thin air all tax-free.
+The super wealthy can create a charity, a bank, a church, or a nation-state and create money out of thin air, all tax-free.
 This document does not cover any of that.  The author is a sucker who dutifully obeys all the rules to avoid the stress of possibly getting caught.
@@ Line 58: / Line 58: @@
     - 1099-MISC - miscellaneous income
     - 1099-B - gain or loss from sales of assets
-  - bank statements - foreign banks do not issue 1099s, obviously, but they sometimes pay interest and sometimes tax withholding and all these transactions are recorded in bank statements and/or your passbook.
+  - bank statements - foreign banks do not issue 1099s, obviously, but they sometimes pay interest and sometimes withhold tax from those payments, and all these transactions are recorded in bank statements and/or your passbook.
 ===== Record Keeping =====