4 ms·
An accountant once told me a loophole is just someone else's deduction. I don't think you can even just go with the intent of the law, 401ks famously weren't in
by neaden 6y ago
An accountant once told me a loophole is just someone else's deduction. I don't think you can even just go with the intent of the law, 401ks famously weren't intended at all, they were a loophole that are now viewed as a pillar of most American's retirement plans.
- jjeaff 6y agoYa, but there are a lot more ways to avoid taxes than just deductions. Sometimes going way out of your way and doing things like renouncing your citizenship or creating shell corporations or never paying dividends and just using corporate profits to buy back your own stock forever.