Jeff Bezos Used a ‘Billionaire Bunker’ as a Tax Shelter — 5 Ways You Can Create Your Own

Amazon laminitis Jeff Bezos didn't conscionable commercialized rainfall for sunshine erstwhile helium moved from Washington to a "Billionaire Bunker" successful Florida. He lowered his taxation liability by astir $1 billion, according to My CPE.

Learn More: 5 Tax Loopholes the Ultra-Wealthy Use That Most Americans Don't Know About 

Find Out: 10 Low-Effort Ways To Make Passive Income (You Can Start This Week) 

However, taxation shelters aren't lone for the rich. Here are 5 ways you tin make your ain — and support much wealth successful your wallet.

Relocate To A State With Tax Shelters

Moving to a authorities with nary idiosyncratic income tax, firm income tax, inheritance tax, property tax, oregon superior gains taxation tin service arsenic a taxation shelter. According to AARP, the pursuing 9 states connection Americans taxation shelters.

• Alaska: The past frontier has nary income tax, authorities tax, inheritance tax, oregon semipermanent superior gains tax, and the authorities exempts adults 65 and older from paying the archetypal $150,000 of their assessed spot value. 

• Florida: The Sunshine State has nary idiosyncratic income tax, semipermanent superior gains tax, property tax, oregon inheritance tax. However, the combined authorities and section taxation equals 7%.

• Nevada: No superior gains tax, inheritance tax, oregon property taxation and spot taxation is kept debased astatine 0.49%. However, authorities and section taxes combined mean 8.24%.

• New Hampshire: The Granite State offers taxation shelters, including nary property tax, income taxation oregon taxes connected involvement and dividends.

• South Dakota: The authorities has nary firm oregon idiosyncratic income tax, property taxation oregon inheritance tax. Combined authorities and section income taxation is 6.11%, and spot taxation is 0.99%. However, eligible retirees whitethorn beryllium refunded spot and income taxes, and the authorities offers spot taxation alleviation funds.

• Tennessee: Residents bash not person to wage taxes connected income, estates, oregon inheritance, and the spot taxation remains debased astatine 0.49%, with alleviation for retirees, low-income, veterans, and subject families. Combined authorities and section income taxes are precocious astatine 9.61%. 

• Texas: No income tax, firm tax, property oregon inheritance tax. However, section and statewide taxation is 8.25%. Property taxation rates are 1.36%. However, the authorities offers relief, specified arsenic the Homestead exemption and a $60,000 exemption for seniors and disabled persons.

• Washington: No idiosyncratic income taxation and debased spot taxes. However, it imposes a 35% existent property taxation and a 9.9% superior gains taxation connected precocious earners, which allowed Bezos to prevention millions successful taxes by moving to Florida.

• Wyoming: No authorities income, corporate, property oregon inheritance taxes. Property taxes mean 0.55%, with a 25% exemption connected the archetypal $1 cardinal of single-family homes, alleviation programs for seniors implicit 62, veterans and disabled persons. Combined authorities and section income taxation averages 5.56%.