For people who want to lowball their taxes, it helps to own a business. That can offer strategies for reducing what you owe Uncle Sam—and make you far harder to audit.
This has long been the case, but it’s in the news again in a big way for President Donald Trump, and a far smaller one for his opponent, former Vice President Joe Biden.
The tax spotlight is on Mr. Trump because the
New York Times
recently reported that it has obtained and analyzed years of his tax-return data despite his refusal to release it. The Times raised questions about his tax compliance, and Mr. Trump derided its reporting but provided no details. The Times’s report hasn’t been independently verified.
Mr. Biden, who has released years of returns, has been called out for employing a tax move the Obama administration wanted to end. In 2017 and 2018 he avoided as