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LSDefine

Simple English definitions for legal terms

tax loophole

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A quick definition of tax loophole:

A tax loophole is a way to avoid paying some or all of your taxes without breaking the law. It's like finding a secret passage that lets you get around the rules without getting in trouble. These loopholes are often found in the tax code, which is a set of rules that tell you how much money you have to pay the government each year. Some people use these loopholes to pay less taxes than they should, while others try to close them to make sure everyone pays their fair share.

A more thorough explanation:

A tax loophole is a way to legally avoid or reduce income taxes by taking advantage of an ambiguity, omission, or exception in the tax code. It allows taxpayers to avoid or reduce taxes without breaking any laws.

  • A company may set up a subsidiary in a country with lower tax rates to avoid paying higher taxes in their home country.
  • A wealthy individual may donate money to a charity to receive a tax deduction, even if the donation was not made for charitable reasons.

These examples illustrate how tax loopholes can be used to legally avoid or reduce taxes. However, some people argue that these loopholes are unfair and should be closed to ensure that everyone pays their fair share of taxes.

tax list | tax-loss carryback

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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