The U.S. tax code is complicated and now stands at a daunting 70,000 pages, giving some taxpayers pause, as they assume every section contains a landmine that is going to trigger audits, payments and penalties. Not true. A more accurate perspective to take about tax law is to instead view it as the bridge to a significant amount of tax relief. Congress through the years has created laws specifically to do just that.
Caution, of course, is always appropriate, but the code is packed with benefits to be captured. Thinking creatively about how you apply all the different pieces of the law allows a taxpayer to seize significant amounts is tax savings, while remaining completely within legal bounds.Read more