How can I reduce tax - legally?

[theBrain]

Hi guys,

is there anyway to reduce income tax payments in a legal way? I mean by showing some documents or expenditure. I have some vague ideas with me though am not sure about it. It will be a great help if you can guide me to get some good points. Thanks.

[mneilson]

You can always reduce your tax burden as per the law of the land where you reside. It differs from one place to another. So there is no universal phenomena. Showing vague documents of expenditure may invite more troubles for you.

[richardm1964]

you can reduce your tax liability to a some extent by showing some documents of expenditure. But you have pay tax as per the statute. I think you are not talking about tax evasion which is generally done through offshore bank accounts and offshore companies. But situations all over the world are changing fast after the Switzerland and US deal.

[flintstone]

Well if you are interested you can open an off-shore company and an off-shore bank account to deposit your money there, then you will be able to have debit card if you want to use your money.