4 way to avoid paying taxes without breaking the law - ForumDaily
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4 way to avoid paying taxes without breaking the law

A little more than a month is left until the end of the tax return. Go Banking Rates has found that a small segment of the population has found loopholes to avoid paying some income tax — legally.

Фото: Depositphotos

1. Drunk driver turns DUI (drunk driving) into tax deduction

Justin Rors managed to get his truck off the embankment in 2005 only to receive insurance payments after driving while intoxicated. He asked to pay him insurance for a pickup for $ 33 629. After the insurance company rejected his claim, he tried to demand compensation for the loss of his vehicle as a tax deduction.

Rors filed a lawsuit with the US Tax Court, claiming that he deserved to have his truck deducted from his tax return. The judge agreed and allowed him to do that.

2. Cats are very expensive

Jan Van Dusen is a cat lover. She has more than 70 cats in the house. She cared for the animals, but some later let them go to the wild. Although most often left at home furry friends.

The cost of caring for cats began to grow for Van Dusen, so she filed a tax return for 2004 a year, trying to write off $ 12 068 on cat rescue items, such as food, veterinary bills, paper towels and more. After the IRS informed her that these expenses were considered personal and the service could not deduct them, she sued the IRS. After a long battle, Van Dusen proved that caring for cats was a charity, and as a result, the IRS finally provided deductions for most of its claims.

3. An exotic dancer's breast implants are a business expense.

Cynthia Hess, also known for her stage name Tonda Marie, was an exotic dancer who wanted to improve her business by eliminating her “hereditary flaw”. In other words, she needed big breasts. After she increased her breasts, her business began to grow.

Hess, now known as Chesty love, I decided to subtract my implants as business expenses. The IRS rejected her request, stating that business deductions only work in circumstances that are ordinary and necessary.

Hess sued the IRS, arguing that her new breasts should be considered a business form. She continued to say that she planned to remove them immediately after leaving the business and increased her breasts only for business purposes.

4. Even drug dealers get tax deductions

Drug dealer Jeffrey Edmondson can give master classes on how to avoid paying taxes legally. He started having problems with the law after he was arrested and accused of drug trafficking. Seeking to get even more from the dealer, the IRS fined him $ 17 000 in paying taxes because he could not declare his income from the sale of drugs.

Edmondson decided that the government would not "laugh last." Summarizing the results of his trial, he filed a tax return in which he indicated his taxable net income along with a list of business deductions. Looking at the tax refund, the IRS rejected the deductions. But Edmonson decided to go even further.

He filed a lawsuit with the tax court, where he claimed that he had founded a home business, and demanded to deduct expenses for the home office, including drugs. Surprisingly, the judge agreed to allow him to deduct expenses that included the $ 50 scale, more than 19 000 miles in the mileage of his car and 100 pounds of marijuana.

Фото: Depositphotos

3 easy ways to legally avoid paying taxes

You may not want to sue the IRS every time you waive tax deductions, but you can gain by learning how not to pay taxes legally. Here are three options for legally avoiding paying taxes:

1. Qualification for tax credits

Many people do not understand that a tax credit is the equivalent of free money. Tax deductions reduce the amount of taxable income you can claim, and tax breaks reduce the tax you owe, and in many cases result in a good refund.

The IRS offers a large number of tax credits that cover everything from purchasing energy-efficient products for your home to a low-cost, moderate-income home. The key to benefiting from them is to look at all the purchases you made throughout the year.

2. Use adjusted deductions

Most people take the standard deduction available to them in filing taxes to avoid providing evidence of all the purchases they made during the year.

But if you made substantial mortgage interest payments, real estate taxes, medical expenses, local and state taxes, or made major charitable contributions, then it would be worth it. These tax deductions are deducted from your adjusted gross income, which reduces your taxable income.

3. Sign up for college

One way to take advantage of tax credits or credits is to enroll in college.

Students who are not eligible for loans must take into account tax deductions. The government allows students to deduct up to $ 4 thousand from the cost of tuition, fees and training materials. Although it is not as valuable as a loan, deductions can significantly reduce taxes.

Also, keep in mind that financial aid in the form of grants and labor research offers non-taxable money that is not considered taxable income. Scholarships also help pay for their studies and are not taxable if money is used for educational purposes.

There is no doubt that it is legally impossible to evade taxes, but using loans and deductions, you can improve your chances of that.

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