Quote:
Originally Posted by SIKSUKR
I don't understand the dissing of using loopholes. A loopholes does not make it illegal. That's just how the tax system is structured. If you don't use every legal loophole available to you then your throwing your money away. As my dad has always told me, it's not what you make, it's what you keep.
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I think the using of loop holes is fine as long as you are doing it with in the letter of the law.
However if you buy a boat in NH and don't pay sales tax, then sneak the boat over to a lake in Maine, Vermont, Mass, or anywhere, where you are a resident .... to avoid paying taxes in that state "unless you get caught" then you are not using the loophole legally you are exploiting it.
For anyone that lives in Ma. Maine, or Vermont, and only uses the boat in NH, like myself. Buying the boat and keeping it in NH, is not exploiting anything. I am using the loop holes regulations to my advantage. However if I where to sell my boat, and make a profit, I would need to claim that income here in Mass. where I live.
There is a differnce in using the advantage legally of a loop hole, and exploiting it. When you exploite something for personal gain, it is wrong.