- Days left

Galling Tax Loopholes that Cost the U.S. Government Billions

×
Google's European headquarters are on Barrow Street, Dublin, Ireland.  Photographer: Paul McErlane/Bloomberg
Paul McErlane, Bloomberg via Getty ImagesGoogle's European headquarters are on Barrow Street, Dublin, Ireland. Google utilizes the "Double Irish" arrangement to minimize its U.S. taxes.
By Walter Hickey

It's tax time, and most Americans are trying to figure how much they owe the IRS. Still, many corporations and wealthy individuals have already prepared for the big day by assiduously spending money in deliberate ways to minimize their tax liability.

The result is billions in lost revenue for the government every year.

These are just some of the most galling tax deductions that are perfectly legal.



More from Business Insider:

Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

TurboTax Articles

A Tax Filing Factsheet for eBay Sellers

You can find almost anything for sale on eBay, from a piece of fine art to clippings of Justin Bieber?s hair. So it's no surprise that the IRS doesn't view all sellers alike in the online marketplace. You may not have to pay tax at all if you are essentially hosting an online garage sale, but if you run your eBay account more like a business, you should be reporting your sales to the IRS.

Tax Tips for Handymen and Odd Jobs

If you work as a handyman or do odd jobs around town for money, you are operating a business in the eyes of the IRS. Since you own your own business, you're likely a self-employed sole proprietor. This means you'll have lots of potential tax deductions to investigate.

Identity Theft: 7 Steps to Reclaiming Your Identity and Keeping it Safe

As more personal information continues to be stored online, the risk of identity theft also increases. In 2014 alone, the Bureau of Justice reported that 17.6 million U.S. residents experienced identity theft. If someone uses your personal data pretending to be you, it's a serious crime. With quick, decisive action, you can help discover the fraud, stop further damage and reclaim your identity. Here are six steps to get you on your way.

Need More Tax Time? File a Tax Extension

If you need more time to complete your taxes, file a tax extension, but don't miss out on your chance for a tax refund by not filing at all. Learn more about tax extensions from this 2012 infographic!