Forbes – The biggest tax-evasion schemes are a dime a dozen, but the top 10 can be difficult to pinpoint.
So here are the five that you really need to know about, if you’re thinking about avoiding taxes in 2018.1.
“Avoiding Taxes in 2018” — “Avoid Tax in 2018.”
This strategy is pretty easy to set up, as it involves filing taxes electronically.
You don’t have to pay any taxes in the year you file your return, but if you do, the IRS can deduct the rest of the money you owe.2.
“Expect the unexpected” — If you can’t get a bank account or a credit card, then the most common form of tax-deferred account opening involves using a 529 college savings plan.
In many cases, the tax benefits of this are so great that it can pay for tuition for your children.3.
“Be aggressive” — There are lots of tax deductions and credits available for working families.
This strategy allows you to claim tax credits for paying your own bills.
This can pay off for some, and not others.4.
“Reimbursement plans” — For some taxpayers, paying back their student loans is an important part of their repayment plan.
This method is a tax deduction, so you’ll be able to claim a credit if you can prove your financial situation.5.
“Use the loopholes” — The biggest problem with this strategy is that the IRS has been cracking down on the use of loopholes and tax-preferred structures to avoid paying taxes.
This is a major reason that you need to file your taxes electronically, as the IRS will automatically deduct most of your expenses.1 | 2 | 3 | 4 | 5 | 6 |