How do lottery winners avoid taxes?

[kayode10]

I think it is not good enough for governments to receive about 30% of the cash price a person win from a game online. I think there should be a way of avoiding this tax.

One of the questions I want to ask you guys over here is that How do lottery winners avoid taxes? I'll be looking forward to process and ways on how you go about it. Thanks in advance.

 

[Samuel purpose]

Donating some of the lottery money to charity will reduce your tax bill when you're a big winner. That's because you can usually deduct charitable contributions from your taxable income

 

[Btaliat]

To be honest,.it is not a good thing to be avoiding tax. Government is trying its best in making sure that the lives of the gamblera and the environment where they play casino is secured. We need to also do our part by paying tax.

 

[Angryseth]

One of the ways that I have found to be absolutely effective is by moving your funds little by little. This way you are only going to be paying deposit fees and if you calculate it you are going to be saving a lot instead of declaring.

 

[kayode10]

One of the strategy people uses to create a fake charity agency in which the transfer all the money to. they are going to claim that they donate the money to a cause that will help humanity. And this can be done to avoid paying tax on the money

 

[James108]

To avoid it, they can choose to receive their winnings in installments over a period of years rather than all at once, which can reduce their tax rate. Additionally, they can consult with a financial advisor or tax professional to develop a tax strategy that takes into account their specific circumstances.

 

[Qwert135]

Definitely most of the skilled and knowledgeable people will definitely hire a advisor and then take his suggestions to work out things they will always use the options that can help them pay lesser in taxes always indeed .

 

[swift]

I think It's important to note that strategies for minimizing taxes should always be done legally and ethically. Not paying the required taxes can lead to serious legal consequences and penalties. Consulting a knowledgeable advisor and staying informed about tax laws and regulations is imperative.

 

[Qwert135]

Definitely it is the responsibility of the winner and it is must to pay out taxes actuallly to be honest indeeed there are many people who are indeed trying such things mostly but they need to avoid it indeed actuallly .