ITT: Tips on evading taxes

I've heard of a method that abuses some odd law regarding hobby expenses for the "artistic" market, so you have to actually pay less taxes, since you're already moving the market.
Let's say you're into "modern" art and you find some "less morally inclined patron" that you can bank, you then buy his "art" from him and he returns the larger sum of the money back to you, leading to lesser taxes for almost no effort.
I've only HEARD of this, so I'm not too keen on the whole process, but I'm certain you can find more about it if you search for it.

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Pro Tip: Don't fuck with the IRS.

>>1888390
in real life it doesn't work that way because the IRS is going to think it's weird if your million dollar art collection isn't insured, or the insurance company values it at $5.75.

appraisal exists.

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>>1888375

Not paying your taxes is a crime, son.

Ya'll millenials have a mountain of debt to pay off.

Y'all can bet I'mma collect every fucking dime.

>>1888375
Have some kids. Wait. Never mind.

Use alternative facts and claim that you don't need to pay taxes. Works for Trump so it should work for the common man.

>>1888433
ass devastated liberal detected

>>1888433
Trump isn't a billionaire pretending to be poor for tax purposes.

He's a poor man pretending to be a billionaire for image purposes.

The IRS checks his shit every year. He pays very little taxes because he makes very little money... Comparatively speaking.

>>1888399
not looking into totally evading it, just tips to reduce the bill in the end of the year
tips on managing your money also counts

>>1888375
>401k
>IRA
>HSA if you're fat
>Long term capital gains
>Small business, home office
>Deductions

it is worth to look into crypto coins? im low on money so i cant make a big investiment right now

1) become extremely, fabulously wealthy
2) Use your money to lobby the government to give you tax cuts

>>1888375
CRYPTO CURRENCIESS

There's a major difference between evasion and simply getting what you deserve. Income tax is simply a tax for using a private currency.

>>1888477
no

crypto only saves you on taxes if you lose money.
and while it IS likely you'll lose money, you could get the same effect by giving your money to charity.

MLM

>>1888421
my idea when creating this thread was more sharing information about "how to" and "what not"
rather than breaking the law, posting tips and helping each other

>>1888512
unless you own a legitimate business that turns a profit at least 3 out of any 5 consecutive years,
the list of things you can do is extremely short.

The vast majority of people on /biz/ do NOT own businesses that meet IRS guidelines. The few of us that do can tell you all sorts of interesting deductions, but unless you have a business they won't matter.

P aypal doesn't report earnings to the gubbermint under 20k

;)