“If something sounds too good to be true, it probably is.” This axiom has been drilled into our heads — often since our youth — and most of the time, it’s absolutely true. But, like many of the adages we’ve grown up with, there are exceptions.

With its austere, “cut and dried” sensibilities, the IRS tax code would seem to be the last place you would find these exceptions. The agency itself has an almost mythically ominous aura to it. In its more than 160 years of existence, the IRS has forged a reputation so fearsome that, come tax time, if you’re like most people, you tend to navigate the process with the utmost conservatism. Yet, we’re all familiar with those tax time “fish stories” told by friends and family — tales of minimizing tax liability through methods that, at best, seem a little “iffy” and, at worst, seem downright illegal.

But are they? Join us for the latest episode of A Place of Possibility as Richard and Angela shine a light on ten different financial strategies that, at face value, may seem illegal but aren’t! A number of these approaches are so obscure that you’ve probably never even heard of them before — let alone have had the opportunity to consider them for yourself. And, of course, there are some caveats, but as you’ll see, in some cases, you can also make the necessary financial moves to conform to these caveats and take full advantage of the substantial benefit these strategies have to offer.

We’ll be talking about:

• How, if you’re self-employed and file in certain tax categories, hiring your children, parents, or spouse can yield some serious tax advantages.
• How parents can start their children on home ownership without adding to their tax burden.
• Why a little-known take on a 401k account may provide tax advantages over the SEP IRA that your CPA might still be recommended for self-employed people.
• A workaround that will allow you to contribute to a Roth IRA, even if you’re well over the IRS’s income limits for Roth contributions.
• How to “superfund” your 401k, reap the rewards at tax time, then shield your contributions from taxes for the long term.

And more!

Having a healthy concern for staying within the rules of the IRS is understandable. There can be serious consequences for taking certain liberties with the tax code. But paying more taxes than necessary leaves money on the table and detracts from your ability to build the life you want to lead in the years to come. Join us for this episode of A Place of Possibility as Richard and Angela examine these little-known methods of minimizing tax liability while building a brighter financial future.