Tax Compliance
The Basic Idea
You know the saying: nothing is certain except death and taxes.
Despite the idiom’s wisdom, some go to extreme lengths to avoid its inevitabilities. And we’re not just talking about immortal robot bodies to hold our brains ad infinitum. We’re talking about tax avoidance.
While it can be effortful to maintain compliance with all relevant tax regulations, it can be equally effortful to avoid them. There are legal loopholes for tax avoidance, like postponement of taxes and income splitting.2