Main > Everything Else
Tax Breaks in the Tax Code
shmokes:
--- Quote from: shponglefan on September 13, 2012, 11:16:57 pm ---Maybe I'm being overly pedantic since I work as a tax accountant, but tax loopholes and tax breaks aren't the same thing.
--- End quote ---
No, that's a good point. They're miles apart. Thanks for catching that. Fixed.
SavannahLion:
Forgive me here, but how are loopholes and breaks that different? ??? The former is legal by omission and the later is legal by inclusion. It seems to strike me that such.... events (is that the right term) are so thoroughly scrutinized that neither is missed by those who write them. In either case, the net effect is the same and they're closed or removed when enough people squawk about them.
shmokes:
In short, a tax break is a benefit Congress intended to give; a tax loophole is a benefit an individual or corporation obtains by exploiting the code in a way that was not intended by Congress.
drventure:
--- Quote from: pinballjim on September 14, 2012, 10:14:33 am ---When we moved for jobs a few years back I wrote most of the expenses off. Completely legal. Turbo Tax walked me through it.
--- End quote ---
I'm pretty sure all those are gone. I work from home, and doing so has always been a big help in terms of taxes. However, 2011 saw almost all those benefits disappear. You'd have to spend SO much in home office expenses that most people I know won't qualify anymore.
I just think that it's absolutely insane that the average citizen (who is expected to pay taxes), really can't possibly know enough to do so properly and in a reasonable amount of time given the current tax code. It just about +requires+ a program like TurboTax or hiring a professional. That just shouldn't be a requirement to pay your taxes.
Yeah, yeah, I know, there's plenty of things that, as a citizen, if you want to do, you'll likely have to hire a pro. I just think paying taxes shouldn't be one of them.
Gray_Area:
--- Quote from: drventure on September 14, 2012, 10:21:51 am ---
I just think that it's absolutely insane that the average citizen (who is expected to pay taxes), really can't possibly know enough to do so properly and in a reasonable amount of time given the current tax code. It just about +requires+ a program like TurboTax or hiring a professional. That just shouldn't be a requirement to pay your taxes.
--- End quote ---
If not familiar, you might find the history of the income tax very enlightening.
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version