Just in time for the filing deadline, here are a few tips and facts you may not know about America’s Rube Goldberg hellscape of a tax code.
- Americans spend 6 billion hours every year doing taxes.
- Parents can claim a kidnapped child as a dependent until the child is declared dead or turns 18.
- If a boat has a toilet, kitchen, and sleeping quarters it can be considered a house for tax purposes.
- Baby sitters and nannies can be written off as child care expenses.
- You can deduct up to $1 million in mortgage interest across two different houses.
- The estate tax can be partially avoided by moving assets into a family owned LLC or FLC.
- The U.S. tax code is over 72,000 pages and growing.
- Olympic medal winnings are tax free. Nobel Prize winnings are considered income.
- Monetary damages for wrongful conviction are tax free.
Written by Austin Bragg, Meredith Bragg, and Andrew Heaton. Produced by Austin Bragg.
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