tax strategy Quotes

Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.

We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.

...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.

No matter who you are, if you have a $30 operating loss, you can carry it forward to the next year. And poor people do take advantage of that, also.

Trump's tax returns - his tax returns showed he went through a very difficult time, but he used the tax code just the way it's supposed to be used. And he did it brilliantly.

The truth is, no one pays more tax than they have to.

From what little is known of Mr. Trump's tax returns, he used losses to offset virtually all of his taxable income for years by generating something called net operating loss carry-overs.

When I look at what Donald trump have proposed, you have what is called now the Trump loophole, because it would so advantage you and the business you do.

Income splitting is not a wise investment for Canadians.

I have legally used the tax laws to my benefit and to the benefit of my company, my investors and my employees. I mean, honestly, I have brilliantly - I have brilliantly used those laws.

What I advise clients is, sell, pay the tax and be happy. Don't ask me to find a replacement unless it's land.

You, as a wage earner have to pay your taxes every year on your income for that year. So if you have a one-time windfall that makes you a lot money you could end up in the top tax bracket. But if you're a corporation you are allowed to reach forward with deferrals for years. Over a 45 to 50 year period, you can balance out the winning years and the losing years in such a way that you pay very little tax, especially considering the time-value of the money.

Unmarried couples should get married - that's an excellent tax avoidance measure, if a bit drastic.

Getting a tax refund is nice, but having more money year-round is better. If you get a chunk of change from the IRS, you're giving the government an interest-free loan - not something they, or any bank, would ever give you. Instead, change your withholding so you get a little extra in each paycheck.

All the big corporations depreciate their possessions, and you can, too, provided you use them for business purposes. For example, if you subscribe to the Wall Street Journal, a business-related newspaper, you can deduct the cost of your house, because, in the words of U.S. Supreme Court Chief Justice Warren Burger in a landmark 1979 tax decision: Where else are you going to read the paper? Outside? What if it rains?