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16 ridiculous tax loopholes

GOBankingRates Logo By Brian Nelson of GOBankingRates | Slide 1 of 17: The Internal Revenue Service allows tax deductions to promote certain behaviors, like saving for retirement, or to make the tax code fair to all taxpayers. Because these deductions can save you money, you’ll want to take all the ones you are entitled to.
Many people think that loopholes are only for the rich, but there are tax loopholes for the poor, tax loopholes for married couples and tax loopholes for single people. Some will allow you to take a deduction that lowers the amount of money you have to pay taxes on; others are tax credits that reduce the amount of tax you have to pay.
Here are some tax loopholes you might not be aware of.

16 ridiculous tax loopholes

The Internal Revenue Service allows tax deductions to promote certain behaviors, like saving for retirement, or to make the tax code fair to all taxpayers. Because these deductions can save you money, you’ll want to take all the ones you are entitled to.

Many people think that loopholes are only for the rich, but there are tax loopholes for the poor, tax loopholes for married couples and tax loopholes for single people. Some will allow you to take a deduction that lowers the amount of money you have to pay taxes on; others are tax credits that reduce the amount of tax you have to pay.

Here are some tax loopholes you might not be aware of.

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