tax deductions and loopholes

Tax deductions and loopholes refer to provisions in tax laws that allow individuals or businesses to reduce their taxable income, thereby paying less in taxes. Deductions are specific expenses or exemptions that can be subtracted from taxable income, such as those related to health care, education, or mortgage interest. Loopholes may refer to ambiguous or unintended gaps in tax legislation that enable individuals or businesses to exploit legal methods to lower their tax liability, often through complex financial maneuvers or exploiting technicalities.

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