Wealthy individuals utilize tax loopholes to minimize taxes and maximize wealth. Strategies include tax-loss harvesting, net losses, investing gains into tax-advantaged accounts, and buying private placement insurance policies. They also take small salaries, write off business expenses, hire their children, donate to charity, and make money through stock packages.

These tactics aren’t exclusive to the wealthy; average Americans can also benefit. By understanding and implementing these strategies, individuals can potentially save money and build wealth like the rich. It’s all about maximizing financial opportunities and making the most of available tax benefits.

Read more at Yahoo Finance: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth