Jarl Moe Father Of Zero Tax DVD

There is no school you can go to for learning about how to pay lower taxes legally using offshore strategies. Jarl Moe father of the zero tax DVD can teach you how to lower your taxes using international tax strategies to your benefit.

Through simple legal strategies using the international tax treaties written by governments themselves you can actually pay zero tax as a corporation. It is also possible to achieve a low to zero taxation level without having to move do places that by law have zero income tax.

Thousands of people have watched the Zero Tax Seminar learning some of the strategies you can do to legally lower your corporation and income tax. 

Jarl Moe Father of the Zero Tax DVD will show you how to move forward. Just contact me to receive your FREE COPY of the Zero Tax DVD

Jarl Moe Speaker - 5 Ways Of Saving Taxes

Jarl Moe Speaker of international tax planning has been a keynote speaker at several international events on the topics on offshore tax planning. 

Working with offshore strategies of over 10 years I guess you can say that I have learned to think out of the box. Actually there is no school you can go to for learning offshore company strategies, it is something you have to do and learn from the masters that has been around for 25  years.

I was lucky to learn from some of them.

Here are the Jarl Moe 5 ways To Save Taxes strategies:

1) Set up an offshore company with legal agreements with your local company

2) Find a way for the companies to work together moving profits from the local identity to the offshore identity.

3) Set up an offshore payment gateway to interact with your offshore company to sell products and services.

4) By managing the two identities control where money is flowing and when.

5) Delegate the management of your offshore department to a professional in the industry that act as your director or manager.

When people read about the Jarl Moe Speaker on tax planning they never really get the details on how to achieve the 5 ways, but it is easy to achieve it.

Our company Taxwizards can assist you to set up the right structure and manage our part of your company set up.

Jarl Moe Aikido - Do Not Think That You Know Best

What does the term Jarl Moe Aikido actually mean? 

I guess when you train as much Aikido as Jarl Moe does you may almost call yourself the last sport as your last name. Jarl Moe have been training martial arts for over 10 years in many different sports including Judo, Jujitsu and Aikido. Now the focus is Aikido.  Training with some of the masters that has been personally trained by the team coming from the originator of Aikido Mr. Morihei Ueshiba. Morihei originally came from the Judo sport but he invented a new defence technique combining Judo with other arts to create a different type of defence technique.

Jarl Moe been training Judo for many years so I do understand that Morihei as he grew older did not want to be smashed in the floor as you have to do all the time on Judo but wanted to create a new way of training where you can stand up on your feet more. After training Aikido for quite some time you start to feel new instincts. The guys that has been doing it for some time can stand with their back against two people and when attacked from the back they will know if the attack comes from the left or the right and if it is low or high. It is quite amazing. As a business man the team has discussed how we can take the Jarl Moe Aikido strategies and move them into business. How to you take the movement of the enemy (but in business it would be the client) and continue the movement with out blocking it? An example is when a client is speaking and you interrupt them in the middle of that they are saying.That is blocking the natural movement and progression, the flow. 

No, it is the interaction of the flow and ensuring it is continuing naturally that is key to the business success. 

Somebody once said: 

Do not think you know what the customer wants, ask what he or she want and just give it to him or her. 

This simple idea is what we mean with Jarl Moe Aikido in business. 

1)   Find out what the market wants and provide it.

2)   Choose an industry that is easy to identify, meaning easy to locate your customers.

3)   Keep conversation on topics with the client to what interests them.

4)   Ask open questions to find out more details (open questions are questions that can not be answered with yes or no).

5)   Always ask a satisfied customer for referrals.

If you learn to execute the above simple techniques you will also know when somebody (your competitor) is coming behind you and know how to handle it keeping the flow.But as you know, the best way to stay ahead of the game is to continuously move forward! So never stand still, decide on your target and keep on improving it and the quality around you continuously. 

Why are you still sitting reading? Move on now.

Jarl Moe Home page updated

The Jarl Moe Official Home Page is to be found at http://www.jarlmoe.com

Jarl Moe Tax Seminar Live On Stage

Check out one of the many videos you can find on Jarl Moe On Stage. 
The below seminar was taken in London in front of around 1,500 people.

Property In Cyprus Interview with Jarl Moe

Property In Cyprus 

The property prices in Cyprus are quite good at the moment making Cyprus one of the prime investment locations due to he economy going down so does the property prices.

Check out the Jarl Moe interview about the Cyprus Property Market.

http://www.blip.tv/file/1272339/

China Adding to $1 Trillion of U.S. Debt Caps Rise in Rates

China Adding to $1 Trillion of U.S. Debt Caps Rise in Rates
Investors outside the U.S. have boosted their holdings of longer-maturity Treasuries to the highest level since the credit markets froze in 2008, helping curb rising yields amid concern inflation is accelerating.

International buyers held 90 percent of their $4.44 trillion of U.S. government debt in notes and bonds as of December, the same as in September 2008 when Lehman Brothers Holdings Inc. collapsed, Treasury data released last week show. The ratio fell to 83 percent in October 2009 as investors sought the safety of Treasury bills with the U.S. economic recovery still in question.

The shift toward long-term debt shows bond buyers outside the U.S. agree with Federal Reserve Chairman Ben S. Bernanke’s assessment that inflation will be contained even as global food and energy prices soar. Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., warned last week that yields on Treasuries are too low with inflation accelerating and the central bank planning to complete $600 billion in asset purchases in June.

“Inflation in the U.S. isn’t a big problem,” said Zeal Yin, who buys Treasuries for Shin Kong Life Insurance Co. in Taipei, Taiwan’s second-largest life insurer with the equivalent of $50.6 billion in assets. Yin said he purchased U.S. government debt last week. “I’m bullish.”

Stocks Beat Bonds
The yield on the benchmark 3.625 percent note due February 2021 rose eight basis points, or 0.08 percentage point, to 3.49 percent last week, and climbed two basis points to 3.51 percent at 11 a.m. in New York, according to BGCantor Market Data.

Ten-year yields increased in each of the past six months, the longest stretch since the period ended June 2006, according to data compiled by Bloomberg. U.S. government securities have lost 0.4 percent this year, according to Bank of America Merrill Lynch’s U.S. Treasury Master index. The Standard & Poor’s 500 Index has climbed 5.1 percent during the same period as confidence in the economic recovery grows.

“We increased the portion of foreign-currency-denominated bonds, mainly Treasuries, because of the higher interest rates,” said Satoshi Okumoto, a general manager in Tokyo at Fukoku Mutual Life Insurance Co., which has the equivalent of $67.1 billion in assets. “When we need to increase our foreign- currency bonds significantly, the U.S. is the only place to put the money because of the liquidity.”

China’s Shift

The amount of marketable U.S. debt outstanding surpassed $9 trillion last month. Retaining demand from international buyers, who own half of the Treasury debt outstanding, is key to keeping borrowing costs from surging as the Obama administration seeks to finance cumulative budget deficits that the White House estimates will exceed $4 trillion through 2015.

Interest expense will rise to 3.1 percent of gross domestic product by 2016, from 1.3 percent in 2010, according to administration estimates. While yields on the benchmark 10-year note are up, they remain below the average of 4.13 percent over the past decade.

The Treasury will sell $66 billion of three-, 10-and 30- year securities over three days beginning tomorrow. Last month, indirect bidders, the class of buyers that includes foreign central banks, bought a record 71 percent, or $17 billion of the $24 billion in 10-year notes offered at the auction.

China, the largest investor in U.S. government debt after the Fed, increased longer-term notes and bonds by 39 percent to $1.145 trillion in December from a year earlier, while its stake in bills declined 78 percent to $15.4 billion, the most recent Treasury data show.

‘Extremely Supportive’

The nation bought more U.S. bonds even as its leaders criticized Bernanke’s plan for the Fed to buy $600 billion of Treasuries by June. Jesse Wang, executive vice president of China Investment Corp., the country’s $300 billion sovereign wealth fund, said Jan. 15 that devoting too much of its reserves to U.S. assets such as Treasuries was too risky.

“They remain extremely supportive for the Treasury market,” said Priya Misra, head of U.S. rates strategy at Bank of America Merrill Lynch in New York, one of the 20 primary dealers that trade with the Fed.

Japan, the second largest holder of Treasury debt, increased its investment to a revised $882.3 billion, the highest ever, from $765.7 billion a year earlier.

Longer-term U.S. bonds offer the highest yields relative to short-maturity debt of any Group of Seven nation, data compiled by Bloomberg show.

Yield Curve
The yield curve showing the difference between rates on two- and 10-year notes was 2.81 percentage points, after reaching a near record 2.93 percentage points at the start of February. The gap in Germany is 1.51 percentage points, 2.23 in the U.K. and 1.06 in Japan.

The curve will narrow to 2.63 percentage points by year-end and to 2.26 points by mid-2012, based on the median estimate of more than 40 economists and strategists surveyed by Bloomberg.

Strategists say the expectations show investors see little chance of inflation accelerating anytime soon. Returns on 30- year Treasuries, the most vulnerable to rising consumer prices because they have the longest maturity, gained last month for the first time since August, returning 1.51 percent, compared with an average loss of 0.09 percent for all Treasuries, Bank of America Merrill Lynch indexes show.

“The yield curve dynamics will change dramatically” in the U.S. as the gap narrows, John Richards, head of North American Strategy at RBS Securities Inc., said at a forum in Tokyo on March 3. “I call this the beginning of the great compression of short-term and long-term rates.”

Inflation Experience

Oil costing more than $100 a barrel and record high food prices probably won’t cause a permanent increase in inflation and borrowing costs are likely to stay low, Bernanke said March 1 in his semi-annual monetary policy testimony before Congress.

Experience with such price gains in recent decades, along with currently stable labor costs, suggest a “temporary and relatively modest increase in U.S. consumer price inflation,” Bernanke said in Washington.

While the consumer-price index jumped 0.4 percent in January, the core measure, which excludes food and energy, rose 0.2 percent in January, in line with the average monthly gain of 0.16 percent over the past 10 years, figures from the Labor Department showed Feb. 17.

“Bernanke tends to think this doesn’t matter --at least in terms of headline versus the core -- we do,” Gross said in a March 4 interview on “Bloomberg Surveillance” with Tom Keene.

Cutting Treasuries
Gross cut holdings of U.S. government and related debt in Pimco’s $237 billion Total Return Fund to 12 percent in January, the least in two years. He recommends higher-returning assets such as emerging-market debt and corporate bonds.

The difference in yields between 10-year notes and Treasury Inflation Protected Securities, or TIPS, was 2.50 percentage points on March 4, the highest since July 2008. The spread, which reflects the outlook among traders for consumer prices over the life of the bonds, averaged 2.43 points in the five years before the credit crisis.

“We would not be a buyer of Treasuries at these levels,” said Andy Richman, who oversees $10 billion as a director of fixed-income at SunTrust Bank’s Wealth and Investment Management in Palm Beach, Florida. “Inflation is becoming more of a problem than it has been. The truck of inflation moving down the road is getting closer and closer.”

Treasury yields have also risen on confidence that President Barack Obama’s $858 billion tax compromise in December and the Fed’s monetary policies have put the economy on a more stable path to recovery.

Job Gains
The U.S. added 192,000 jobs in February, a report from the Labor Department showed March 4, up from a revised 63,000 in January. Economists in a Bloomberg News survey had forecast the economy would add 196,000 jobs. The unemployment rate dropped to 8.9 percent, the lowest level since April 2009.

While Bernanke said inflation remains subdued in the U.S., European Central Bank President Jean-Claude Trichet said March 3 the ECB may raise interest rates next month for the first time in almost three years to fight mounting inflation pressures.

The European Union’s central bank boosted its inflation and growth forecasts, saying consumer price gains will average 2.3 percent this year, up from a December forecast of 1.8 percent and exceeding the ECB’s 2 percent limit.

NEW VAT RULES IN THE EU - Are you aware?

As part of a large scale, phased, amendment of the VAT rules at a European level, a large number of EU VAT rules will change with effect from 1 January 2010. The most significant change concerns the rules for determining the place where a service is supplied according to the VAT rules, and which country can therefore tax these services (the "place of supply" rules). In 2011, 2013 and 2015 a number of smaller changes will follow. In addition to simplifying some of the existing rules, the changes also create new obligations, particularly from an administrative point of view.

All EU member states must implement these European rules into their national legislation. Accordingly, the proposed amendments to the Dutch VAT legislation have been published and are examined below.

Place of supply of services from 2010
Until 1 January 2010, the place of supply of services is where the service provider is established for VAT purposes, according to the ‘basic rule’ (specific rules exist for certain services). With effect from 1 January 2010, this ‘basic rule’ will change: for services provided to businesses (B2B services) the new ‘basic rule’ is that these services are deemed to be supplied where the recipient of the services is established (reverse charge mechanism).

The service provider will not charge VAT but the recipients of these services will have to account themselves for the VAT payable on these services in their local VAT returns under the reverse charge mechanism. This VAT is deductible in the same VAT return according to the normal rules. As a result of this new ‘basic rule’ for cross-border B2B-services, in many cases VAT will no longer have to be charged (and reclaimed).

The changes to the rules that determine the place of supply of services to non-business customers (B2C services) are less far-reaching.

Listings
With effect from 1 January 2010, businesses that supply ‘basic rule’ services to businesses in other EU countries will have to periodically report these services by submitting a listing electronically to the tax authorities. These services must be broken down by value per VAT number for each service recipient. Services that are exempt in the recipient’s country should not be included in the listing.

The listing should be submitted monthly to the Dutch tax authority, but all businesses may opt to submit quarterly listings. This choice should be communicated to the Dutch tax authority in a timely manner.

Refund of foreign (EU) VAT
With effect from 1 January 2010 it will be easier for EU established businesses to reclaim foreign (EU) VAT. The new procedure is also applicable to foreign (EU) tax paid in 2009. Where previously businesses had to send a number of documents and all original invoices by mail to each individual foreign tax authority, Dutch established businesses can, from 2010, apply for a refund of foreign (EU) VAT with the Dutch tax authority via the internet. The Dutch tax authority will assess the refund applications and forward them to the relevant foreign tax authorities.

From 1 January 2010, the costs on which VAT is reclaimed will have to be classified according to ten categories (nine specific categories and a general category). In addition, the applicants must include details of their deductible VAT method of calculation (if applicable) in the country of establishment. In addition, the foreign tax authorities will be required to process requests within a certain time. If they exceed the specified time (different time limits will apply in different circumstances), they will have to pay interest to the applicants.

Tax point – when is VAT due?
An additional rule will be introduced into the Dutch VAT legislation regarding the time at which VAT should be accounted for, i.e. the tax point. Where the service recipient is required to account for VAT under the reverse charge mechanism (as explained above), the tax point will be the moment when the service is provided.

In most cases, recipients of these services will not know (or will have no way of knowing) at what moment the services are provided or the value. They will usually rely on the invoices issued by the service providers. If they receive these invoices after the moment at which the VAT was due according to the new rule, strictly, they will be late in accounting for this VAT.
This new rule will have the most significant impact for businesses that cannot fully deduct input VAT, as these businesses will actually have to pay (part of) the VAT due on these services. Businesses with a right to fully recover input VAT can normally fully deduct the VAT accounted for on these services in the same VAT return.

In addition, where these services are supplied cross-border within the EU, there is a chance that mismatches will occur between the VAT accounted for in the VAT returns of the recipients and the services reported in the listings submitted by the service providers. This could result in enquiries from the tax authorities.

Important: what to do now?
The date of 1 January 2010 has passed and many are not aware of the new rules, it is a lot that needs to be done:

Both for determining the place of supply of services as well as for completing the new listing, businesses will have to establish whether their (EU) clients are VAT taxable businesses.

For this purpose, clients will have to provide businesses with their VAT identification numbers and these numbers should be checked by the service providers with the Dutch tax authority. When a customer provides a business with its VAT identification number, and the business has checked this VAT number with the Dutch tax authority, the business may assume that it will provide its services to a VAT taxable business.

Businesses will have to adjust their ERP systems to accommodate the new rules. This applies not only to the place of supply, but also, for example, when invoices include a reference to specific sections of the relevant legislation. ERP systems should also allow compilation and easy access to all data relevant for completing the new listings.

The procedures for reclaiming foreign (EU) VAT will have to be adjusted.
Everyone in your business that is involved in processing and raising invoices, and the completion and filing of VAT returns and listings, should be familiar with the new rules in time to implement new procedures and be fully compliant.

Good luck!
Jarl Moe

Cyprus to increase their corporation tax

THE GOVERNMENT said yesterday it plans to raise its corporate tax rate, one of the lowest in the EU, by one percentage point to 11 per cent for two years to contain a deficit that is more than double EU limits.

The announcement, which drew the ire of businesses, came a day after the EU formally took disciplinary action against Cyprus for a projected deficit of 7.0 per cent in 2010, well above a limit of 3.0 per cent under EU rules.

"This will be (valid) for two years. It is a temporary measure to improve the budget position," Finance Minister Charilaos Stavrakis told Reuters. Businesses said the tax rise could stifle the island's nascent recovery from its first recession in more than three decades.

The government said it would submit legislation raising the tax to 11 from 10 per cent for parliamentary approval this week.

Stavrakis said the higher tax would bring in an extra €73 million for the government, based on calculations of some €730 million in corporate tax earnings in 2009.

Tax revenue has been crimped by the poor performances of the real estate and tourism sectors. Cyprus's economy contracted by 1.7 per cent in 2009 but stabilised in the first quarter of this year.

The tax measure will affect local firms and hundreds of international companies which take advantage of Cyprus' low-tax status.

"This is like killing the sacred cow of our economic model," said Stelios Platis, an independent economist.

"Businesses have relocated here because of our stable tax regime and low taxes. If you create instability this is the wrong thing to do. It is definitely wrong," he said.

Local and foreign companies have paid 10 per cent corporation tax since 2002 after Cyprus scrapped a 4.25 per cent tax on offshore companies under pressure from the EU, which it joined in 2004.

By phasing out the discrepancy, it also brought down the tax rate for domestic companies to 10 per cent from 20 and 25 per cent, depending on their turnover.

The employers and industrialists federation, (OEV), said the measure was short-sighted. It said the construction industry would be hard hit as the finance ministry is also planning to introduce a new calculation of tax in real estate transactions.

Until now property tax has been calculated on the basis of 1980 land values but in future will reflect current market values for properties worth €170,000 and above. The plan has yet to obtain parliamentary approval.

"While other countries are taking measures to drastically cut spending, including the state payroll, Cyprus is unfortunately opting to tax businesses, harming our credibility as an international business centre," OEV said.

Jarl Moe
President
http://www.taxwizards.eu/

The United Kingdom against personal offshore accounts:

This heading should be the correct heading for all the offshore talk in the media lately in the UK.
You see, all the people they are talking about in the below article are people who actually registered offshore bank accounts in their NAME.

Of course, if you open an offshore bank account in YOUR NAME, you are the one that have to pay tax on it, even though the account is not in your country.

My company TaxWizards www.thetaxwizards.com teach you how to legally set up offshore accounts in a COMPANY NAME so you and the account legally are separated!

Contact me for more information on this topic.

Happy holidays!
Best wishes
Jarl Moe

UK Tax Revenue in new offshore tax trawl

The Revenue thinks it can retrieve hundreds of millions of pounds more
HM Revenue & Customs (HMRC) will launch a second campaign next year to get tens of thousands of people to pay tax on money hidden in offshore bank accounts.

The "offshore disclosure facility" will target account holders in about 300 banks and building societies which have offshore operations.

The first campaign last year, aimed at customers of the big five high street banks, raised £450m from 45,000 people.

The Revenue says some tax dodgers it uncovered last year will be prosecuted.

"The intention of the new facility will be to provide an opportunity for account holders to inform us of their own accord of any unpaid tax or duties and to settle their debts in a similar way to the original offshore disclosure facility," said a Revenue spokesman.


Fines capped
The incentive for people to come forward will be a limit on the fine they might face, plus the threat of prosecution and much higher fines if they do not confess.

There must be some high-value targets the Revenue want to come clean
Chas Roy-Chowdhury, ACCA

Theoretically, the Revenue can fine miscreants up to 100% of the unpaid tax.

Last year, the penalty was capped at just 10% to encourage confessions, but this time around it will be higher, probably between 20% or 30% of the tax due.

Ronnie Ludwig, of accountants Saffery Champness, said this did not give sufficient encouragement to people to pay their taxes.
"The previous deal was not sufficiently generous to encourage people to come forward, so I anticipate a smaller response this time" he said.

The Revenue's latest move will not be a tax "amnesty", as all the tax and interest on it will still have to be paid in full.


It will not say how many people it thinks still have money hidden in the offshore accounts of the financial institutions it will target next year, although it clearly expects the figures to run into the tens of thousands.

"The effectiveness of the last campaign seems to have been a bit patchy," said Chas Roy-Chowdhury of the Association of Chartered Certified Accountants (ACCA).
"There must be some high-value targets the Revenue want to come clean," he added.


Suspicions
Last year the Revenue flushed out a list of 400,000 accounts it thought might be suspicious.
We are carrying out criminal investigations and we will bring some prosecutions before the courts in the New Year

Revenue spokesman"Many of the customers for whom HMRC received information had already paid any tax due on funds invested and interest arising in the offshore accounts and had nothing to disclose," explained the Revenue spokesman.
Of the 100,000 or so people about whom it still had suspicions, 45,000 came forward and eventually paid £450m between them.


But about 50,000 others are still being investigated and some of these will soon be prosecuted.
"HMRC has made follow-up checks of the disclosures made and has started a programme of checks on those who did not take the opportunity to come forward," the Revenue spokesman said.

"In the most serious cases, we are carrying out criminal investigations and we will bring some prosecutions before the courts in the New Year," he added.


Confessions
The Revenue will write to the latest tranche of banks and building societies, asking them to reveal the names and addresses of all its UK residents who have offshore accounts.
It will then write to them directly asking them to pay any unpaid tax.
Among the people who confessed last year were:

• someone who disclosed over £60,000 from a failure to declare rental income from a holiday home


• a woman worked all over the world and returned to the UK several years ago. She forgot about her offshore bank accounts where money was left after selling her last home overseas. Liability will be in the region of £44,000

• someone who sold a property portfolio, placed funds offshore and never declared them. Disclosure was about £1.7m


• a business man who diverted profits of about £1.3m into a Channel Islands bank account

• an employee with a disclosure of £200,000 to make, who placed a lump sum and dividends in a bank account offshore


• a businessman who diverted profits in excess of £800,000 into a number of offshore accounts

• a plumber who had paid about £10,000 from informal jobs into an offshore account


• a self-employed man who invested a £50,000 inheritance lump sum offshore.

Tax or Capital Gain on options

OPTIONS TAX

I have had some clients asking me about capital gain on options.

My short answer to this question is that there is no capital gains payable if you use a Cyprus Ltd company to buy shares or options or futures.

Cyprus do not tax any of the above.

If you are a developer and build and sell properties this is of course income, and will be taxed as income and not capital gain.

Best wishes

Jarl Moe

Ways to Reduce Your Taxes in USA

The goal of tax planning...
is to arrange your financial affairs so as to minimize your taxes. There are four basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your income, increase your deductions, and take advantage of tax credits.

Reducing Income
Adjusted Gross Income (AGI) is a key element in determining your taxes. Lots of other things depend on your AGI (or modifications to your AGI)-- such as your tax rate and various tax credits. AGI even impacts your financial life outside of taxes: banks, mortgage lenders, and college financial aid programs all routinely ask for your adjusted gross income. This is a key measure of your finances.

Because your adjusted gross income is so important, you may want to begin your tax planning here.

What goes into your adjusted gross income? AGI is your income from all sources minus any adjustments to your income. The higher your total income, the higher your adjusted gross income. As you can guess, the more money you make, the more taxes you will pay. Conversely, the less money you make, the less taxes you will pay. The number one way to reduce taxes is to reduce your income. And the best way to reduce your income is to contribute money to a 401(k) or similar retirement plan at work. Your contribution reduces your wages, and lowers your tax bill.

You can also reduce your Adjusted Gross Income through various adjustments to income. Adjustments are deductions, but you don't have to itemize them on the Schedule A. Instead, you take them on page 1 of your 1040 and they reduce your Adjusted Gross Income. Adjustments include contributions to a traditional IRA, student loan interest paid, alimony paid, and classroom related expenses. A full list of adjustments are found on Form 1040, page 1, lines 23 through 34. The best way to boost your adjustments is to contribute to a traditional IRA.
As you can see, two of the best ways to reduce your taxes is to save for retirement, either through a 401(k) at work or through a traditional IRA plan. Contributions to these retirement plans will lower your taxable income, and lower your taxes.

Increase Your Tax Deductions
Taxable income is another key element in your overall tax situation. Taxable income is what's left over after you have reduced your AGI by your deductions and exemptions. Almost everyone can take a standard deduction, and some people are able to itemize their deductions.
Itemized deductions include expenses for health care, state and local taxes, personal property taxes (such as car registration fees), mortgage interest, gifts to charity, job-related expenses, tax preparation fees, and investment-related expenses. One key tax planning strategy is to keep track of your itemized expenses throughout the year using a spreadsheet or personal finance program. You can then quickly compare your itemized expenses with your standard deduction. You should always take the higher of your standard deduction or your itemized deduction.

Your standard deduction and personal exemptions depends on your filing status and how many dependents you have. You can increase your standard deduction and personal exemptions by getting married or having more dependents.
The best strategies for reducing your taxable income is to itemize your deductions, and the three biggest deductions are mortgage interest, state taxes, and gifts to charity.
Take Advantage of Tax Credits

Once we've tweaked our taxable income, we are ready to focus our attention on various tax credits. Tax credits reduce your tax. There are tax credits for college expenses, for saving for retirement, and for adopting children.

The best tax credits are for adoption and college expenses. Not everyone is in a position to adopt a child, but everyone could take some college classes. There are two education-related tax credits. The Hope Credit is for students in their first two years of college. The Lifetime Learning Credit is for anyone taking college classes. The classes do not have to be related to your career.
You may also want to avoid additional taxes. If at all possible, avoid early withdrawals from an IRA or 401(k) retirement plan. The amount you withdraw will become part of your taxable income, and on top of that there will be additional taxes to pay on the early withdrawal.
One of the best, and most abused, tax credit is the Earned Income Credit (EIC). Unlike other tax credits, the EIC is credited to your account as a payment. And that means the EIC often results in a tax refund even if the total tax has been reduced to zero. You may be eligible to claim the earned income credit if you earn less than a certain amount.

Increase Your Withholding
You can avoid owing at the end of the year by increasing your withholding. More money will be taken out of your paycheck throughout the year, but you will get bigger refund when you file your taxes.

Offshore
You can contact me and discuss how you can convert your income or part of your income into an offshore company and pay little or no tax at all!

Merry Christmas America!

Best wishes
Jarl Moe