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Donald Trump has acknowledged that he used a nearly $1 billion loss to pay no federal income taxes — for years.
“Of course I do. Of course I do,” the Republican said during his second presidential debate with Hillary Clinton when asked if he utilized the loss to avoid federal taxes.
The loss was first revealed by The New York Times, which released Trump’s tax records from 1995 in which the businessman reported he was $916 million in the red. The Times said a loss of that size would have allowed Trump to legally avoid paying taxes for almost 2 decades.
In the debate, Trump went on to say: “I understand the tax code better than anybody that’s ever run for president.”
While billionaires may have more tax advantages available to them than ordinary people, there are some techniques that less-wealthy taxpayers can employ, too.
Here are 7 moves that might not take your taxes down to nothing, but which could keep you from owing Uncle Sam a big bill.