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Simple English definitions for legal terms

Tax shelter

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A quick definition of Tax shelter:

A tax shelter is a way to legally reduce or delay the amount of money you have to pay in taxes. It's like a special secret hiding place for your money that the government can't touch. Some tax shelters are not allowed anymore, but others are still okay to use.

A more thorough explanation:

Definition: A tax shelter is a financial strategy or investment plan that is designed to reduce or defer an individual's taxable income. Some tax shelters have been made illegal by law or invalidated by courts, while others remain legal or even encouraged by law.

  • Retirement accounts, such as 401(k)s and IRAs, are a common type of tax shelter. Contributions made to these accounts are tax-deductible, which means they reduce your taxable income for the year. Additionally, any earnings on the investments in the account are tax-deferred until you withdraw the money in retirement.
  • Real estate investments can also be a tax shelter. Rental properties can generate income that is offset by expenses such as mortgage interest, property taxes, and repairs. These expenses can be deducted from your taxable income, reducing the amount of taxes you owe.

These examples illustrate how tax shelters work by reducing or deferring taxable income. By taking advantage of tax deductions and deferrals, individuals can lower their tax bills and keep more of their money.

tax sale | tax withholding

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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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