Loophole

Tax Glossary Definition

Loophole

A loophole refers to a gap, ambiguity, or unintended provision within tax laws that allows taxpayers to minimize or avoid paying certain taxes without technically breaking the law. While exploiting a loophole is legally permissible, it often goes against the intent or spirit of the law.

Example: If a tax law allows deductions for “business travel,” but does not clearly define what qualifies as business-related, a taxpayer might classify personal travel as business travel to claim deductions — exploiting a loophole in the wording of the law.

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