Generally agree for most people. Only caveat is for those with mild amounts of savings (not enough to qualify as wealthy). Enough 401k, mild investments over

Generally agree for most people. Only caveat is for those with mild amounts of savings (not enough to qualify as wealthy). Enough 401k, mild investments over time with disposable income, or transfers from friends / family / inheritance, that the process becomes quite challenging. You make a couple thousand on a decent year in capital gains or dividend distributions, yet end up with rather confusing paperwork piles to deal with at tax time. Finding out it was necessary to note each buy / sell and the holding time individually for the entire year just seemed crazy in the detail necessary. Mild awareness of why the actual wealthy hire accountants and firms with specialized teams and software to deal with those issues. The part that's also not dealt with, at least in terms of those deductions, is that usually they're related to businesses and expenses. The deductions are available, yet often you have to be treating almost your entire life like a business expense every moment. Business cell phone. Business internet. Business supplies. Business ads, website, and marketing. Business travel. Business property depreciation / amortization. Business legal and accounting. Business mileage. Business loan interest. Business meals. A (personal opinion) funny one is "Hire your own children as workers." You can write-off the payment you make to them which reduces your taxes and the income they earn can be tax-free if you pay them less than the standard deduction.