Last week at my other tax blog: Trillions hidden in worldwide offshore accounts; Bypassing complicated U.S. tax breaks
Complex tax issues, both abroad and close to home, were the focus of posts last week at my other tax blog.
Some offshore tax shelters got added attention thanks to a British report that at the end of 2010 there was at least $21 trillion hidden in offshore accounts.
In fact, said the Tax Justice Network (TJN), that global total might be a conservative estimate.
The $21 million is money only, and doesn't take into account real estate, yachts and other nonfinancial assets owned via offshore structures. Adding in those assets, says the TJN report The Price of Offshore Revisited, brings the global hidden wealth estimate to as much as $32 trillion.
Meanwhile, within U.S. borders, many folks report that they overpay the Internal Revenue Service because they don't bother to claim difficult and/or confusing tax breaks.
Many small and medium-sized business owners admitted to the Wall Street Journal that they forgo tax benefits because of the associated hassles.
Many individual filers no doubt do the same. I plead guilty here.
What about you? Have you ever not claimed a tax break, either individually or in connection with your own business, because it was more trouble than it was worth?
You can check out my posts over at Bankrate Taxes Blog each Tuesday and Thursday. If you happen to miss them on those days, you usually can find a wrap-up here the following weekend.
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