Taxes can drain substantial value from individuals’ wealth. However, the tax code allows investors substantial flexibility and even loopholes to limit the tax drain.
The main objectives for this chapter are:
• Develop a basic understanding of taxation of income from employment and investments.
• Learn to minimize the tax burden by:
Using tax-favored accounts; and
Exploiting an array of tactics to defer and eliminate capital gains in regular brokerage accounts.
What Is Taxed?
Figure 4.1 illustrates the taxes we pay to the ...
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