12 tax breaks you've never heard of

There are plenty of little-known deductions and credits hidden in the US Tax Code. Experts share some of their favorites for investors, whale hunters, pet lovers and maybe even you.

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VIDEO ON MSN MONEY

32Comments
Mar 26, 2013 3:49PM
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Flat tax: "everyone" pays their fair share.

Close down the corporate loopholes especially for manufacturing offshore. 

Increase the import duties/taxes.

Adopt China's one child policy and no additional welfare for a mother who has more than one child.

Export America's hardcore criminals to China as "Free Labor."  China will be happy to put them on a train and transport them to Xinjiang Province to work the uranium mines.  I'll be you could hear a pin drop during "lights out." 

Bring home the troops and post along our Mexican U.S. border. 

Feb 15, 2013 3:26AM
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How could anyone possibly be surprised by anything in our epically ridiculous tax code anymore???
Mar 26, 2013 1:32PM
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Hey someone, why should i pay 25% federal taxes after breaking my back everyday building bridges & highways so you can get to work and facebook who payed zero taxes this year and made billions in proft gets a bye . your a fool  and probley a 1%er who also beats the IRS.
Mar 26, 2013 4:21PM
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thank your legislators in congress.  trust me they look to find ways not to pay. ask coporations why they don't pay their taxes and have offshore accounts. so if there are supposely deductions to take ------I say go for it. One year I missed a 2.50 cents bank interest  on my form. the irs didn't care they bounced me for a tax penalty. we have 3 yrs to amend your forms, but they don't tell that to you. You have to fight back.
Apr 2, 2013 6:41AM
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Facebook is just a big waste of time for most people, find something usefull to do in your spare time!

The same thing goes for Smartphones. People are so rude and can't converse without their stupid phones in their hands. When someone comes into my home with their Smartphone in their hand I"d like to throw them out.

Mar 26, 2013 1:43PM
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Work  in a low income country, like China. Everything you make will end up in the US..

Apr 2, 2013 12:55AM
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Okay, I haven't heard of the whale hunting deduction, but all of the others are pretty clear if you simply read the instructions.  While I think the tax code is completely ridiculous, it's not like the IRS is trying to hide what is and is not deductible.  They actually do a pretty good job of explaining it for most situations.  I also discovered several years ago that the Tax Payer Advocate service is far better at sticking up for the taxpayer than I expected.  My advocate really listened to what I was saying, saw that it made sense, and helped me get double charges straightened out.

Apr 2, 2013 7:48AM
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A flat tax in America is definately the answer. a 10% tax on everything: ie, food, gas, wages, loans,child support...everything. We then can do away with Tax Return Companies, I.R.S. and all government tax collection agencies. This will close all the loopholes for everyone. Everyone's taxes would be paid with every purchase made during the year. The April 15th tax deadline would be just another day in the U.S.A. This would also make it easy to find tax evaders...if their social security number didn't show some type of purchases during the tax year, they had better be dead or out of the country. The government didn't get together and create new mouths to feed, men and woman did that, and they are liable for that bill . If you can't afford to feed 'em, adopt them out; our taxes would be better spent protecting our own borders here at home. Let's stop giving money to people that hate us; bring our soldiers home and give everyone work building rock walls like the government did back in the1930's. And if the Big Oil Companies can't get their crap together, let's go 100 mph towards creating highly efficient electric cars and let the oil companies bathe their colons in the products we won't need anymore. WAKE UP PEOPLE
Mar 26, 2013 1:53PM
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oooo the great expat tax break...
the catch with that one is you have to spend 335 days or more out of the country that year.

Mar 26, 2013 4:38PM
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I actually have heard of a few of these tax breaks.
Also, its no wonder people don't know about most of them. The tax codes are long and lengthy. Time is money and who wants to sit around trying to find every deduction which would take a long time. Easier to skip it and move on.

Apr 1, 2013 11:19PM
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At MSN, we'll ridicule any wealthy person who tries not to pay millions in taxes each year because they have money so it is only fair we treat them with disdain.   Now here's how  you can twist the tax code so you don't have to pay every last dime to the government either.
Apr 1, 2013 10:34PM
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#11 is not true.  Read publication 526, you either take the cost of the stock as your deduction or the higher fair market value IF you include the difference as a capital gain.  Can't get around that!

 

Apr 2, 2013 10:46AM
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i AM WITH YOU IRONBOOTS.  We think the same.  I will go one step further and say we takeover Mexico and it becomes the next State.    I really like the part of exporting criminals to China.
Apr 2, 2013 11:58AM
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It helps if you have a good tax preparer and bookkeeper .  Because they can save you a lot of money  . I read the tax coded all the time and know what you can deduct. Yes there are loop holes but they are for the good of Americans .
Apr 2, 2013 12:48PM
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  Ironboots-good ideas-most likely could not happen-Sandstone-we do not want Mexico-in fact give them back what we took from them-Az./NM/So Cal.-let them pay for-deal with the problems caused by their citizens
Apr 2, 2013 2:04PM
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Sandshore  so what is the point of taking over Mexico?  What will you actually do with it?
Apr 2, 2013 1:39PM
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Drop the personal income tax rate for $250k and below to 7.5%, add a national VAT tax of 1%.  Then pass a balanced budget amendment and deal with the deficit and downsizing of the government.

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Capitalists live on the hardworking taxpayers by not paying taxes and  making the hardworking taxpayers fight their wars while they live in luxury in the U.S.
Feb 16, 2013 12:56AM
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If I can afford to donate $100000 to my favorite charity ,I will not mind donating it to the government,in the form of taxes,so many needed charity.
Feb 16, 2013 3:50PM
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The company that is responsible for creating ten million new jobs in America is Facebook;
its website is a main reason for the big boom in laptops and cell phones. They have
added a trillion dollars to the US economy. Should they be punished for finding
tax loopholes?
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