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There are actually very few "loopholes" available to individuals. What most accountants call "loopholes" are actually just misunderstandings of the tax rules (
by gamblor956 5mo ago
There are actually very few "loopholes" available to individuals.
What most accountants call "loopholes" are actually just misunderstandings of the tax rules (e.g., the home office deduction, home business expense deductions, hiring family members being some of the biggest), and their clients usually end up paying penalties the IRS if they get audited.
- nunez 5mo agoOr tax situations that aren't taken advantage of! There are folks who are definitely brave about using those deductions, but there are also people that can who don't. That's what I meant by "loophole" here.