Is saving income tax a cheating?
January 23, 2009 7:05pm CST
I want to save my income tax by investing my money into some insurance policy. Is it cheating the government. We are supposed to pay taxes to our government for our goods but I want to save it by investing it somewhere. What do you think?
• United States
25 Jan 09
Tax-sheltered investments wouldn't exist without the government's approval. It's not cheating the government as long as these things are legitimate. If you were to fake some investments or something, that would be cheating. Therre are so many that are on the up-and-up, why bother?
1 person likes this
4 Feb 09
First of all Thank you very very much for the response because it was an old discussion and you are the first one to make it a discussion otherwise it would have been only a lone post. Thanks teacher. Ok, well from my childhood, I have been taught that doing anything by which you can save your taxes is illegal. That's why I was just wondering. I just bought a book on this topic, "101 ways to save income tax"! Just wondering do we need to pay income on mylot too!