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strategy to pay the least amount of tax possible through legal means. For example, taxpayers may buy tax-free municipal bonds; shelter gains inside tax-deferred ira, keogh accounts, salary reduction plans or tax free roth ira accounts; shift assets to children who need not pay taxes on part of their income; make legitimate charitable contributions to generate tax deductions; and establish trusts to avoid estate taxes. Illegal strategies to avoid paying taxes are called Tax Evasion.

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