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Originally Posted by cd288
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Yeah I mean first off anyone who uses an accountant...what is that accountant doing when they do your taxes? They are ensuring you pay as little tax as possible. So if you're using an accountant at all, it's a bit of a hypocrisy to criticize someone just because based on their different streams of income their accountants are able to find additional ways to reduce taxes.
What people also don't realize about a wealthy person's taxes is they are very complex. It's not like you can just go online on TurboTax and file the taxes yourself. You have tons of different streams of revenue, all potentially subject to different complex tax laws/rules, and if you own a company then that company also has the same situation. You literally need a huge number of tax advisors and accountants. And in all likelihood, a lot of the stuff those people are doing isn't even discussed with the tax payer; usually those types of advisors and accountants will, again, do what they can to ensure you pay as little tax as possible (legally). They aren't going to someone like Jeff Bezos with every little thing they do to reduce the taxes; they might summarize it later but often in real time they will just make the decision for you.
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I have an accountant and I tried to apply for a mortgage last month. Chase asks me how much I made the past two years. I give them an estimate and they say they need the exact amount since I own my own small business. They give me some number to look up on my tax returns like K-1 or something. I spent 2-3 hours trying to figure out where on my taxes it says how much money I made and I couldn't figure it out.
Point being, I'm a poor and I couldn't figure out how much money I made last year. I can't imagine how many pages of numbers and lines rich people have on their taxes. For reference, my 2020 tax return was 47 pages long.