Business Insider | January, 2016

7 Strategies Rich People Use to Pay Less in Taxes

Everyone wants to pay less in taxes — including the rich. Steven M. Piascik, CPA, MT, founder and president of boutique CPA firm PIASCIK, says that the best way to minimize taxes is something anyone can do, no matter their net worth. "Tax minimization means documenting all your expenses that can be classified into deductible categories," he explains. "Everyone asks, 'How do you save? You document, document, document.'" This is much easier when you employ the services of a qualified CPA, who keeps up with changes in the tax code and knows which might apply to you. "A lot of the responsibility falls on the behalf of the CPA," says Piascik, who specializes in tax minimization and complex tax strategies for high-net-worth individuals and corporations.

In this article, he outlines seven strategies the accountants of high-net-worth individuals use to minimize tax bills: