Originally Posted by jilverthor
As much as I hate taxes, I have not reached the point that I will spend money just to keep the government from getting a smaller portion. As such, my objective is to have the largest increase in net worth (legally) rather than to minimize the taxes.
At some point I may develop enough spite that I am willing to accept less myself just to keep the government from getting as much.
One thing that I have done, is that although I work for foreign company I also partly (more than 50%) own a small medical company. My portion was financing it and developing the technology. I was able to take some very nice write-offs for capital depreciation on equipment. The pass-through loss was very high due to capital expenditures.
This is not a short term strategy to make money, but it does help with taxes.