8 types of income the IRS can't touch

Want to keep the tax man away from your money? It's easier than you think. There are lots of ways to increase your wealth without having a chunk gobbled up by the IRS.

It's not that the agency doesn't want your money. It's just that the tax law prohibits the IRS from touching it. And with a bit of planning, you can start to cut your current tax bill and put money in your pocket now.

You may be right, but I look at it this way. I drive a truck for a living. Here in California, a truck must be inspected by the CHP (California Highway Patrol) every three months. Some of the inspection stations I have dealt with will find something wrong with my truck, no matter how much I keep up the repairs and maintenance. The inspections are told ‘unofficially’ to find something wrong with the truck or the truckers’ paperwork, no matter how small. Small is not a word when the fines are issued to the driver or the company that owns the truck. Two months ago, I forgot to put CA (California) after the city name where I stopped and it cost me $480. I realize I have gotten off the point some talking about the CHP but the IRS will do the same exact thing when doing an audit on someone's returns. All the tax write offs or strategies as you called them, will get you no farther ahead is some tiny error is made on your paperwork. We are all humans and humans make mistakes all matter how careful you are.

"...a flat-tax is overdue."

The NRST is the way to go. A flat tax is STILL an income tax. The IRS would STILL exist. The un-constitutional 16th Amendment would STILL be around.

Scrap the code, abolish the IRS!!!

“Scrap the code, abolish the IRS!!!”

Yes, that would be nice. We’re just never going to see it. Being able to reward or punish economic interests via the income tax is something that Congress is never going to give up.

I’d prefer to spend my time and effort minimizing what I pay under the current rules as they are or are likely to be rather than spending my time lobbying for a “fair tax” or other systemic reform that we’re just not going to see this side of heaven.

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.