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Community discussion, not tax advice. Rules vary by jurisdiction and change. Consult a qualified professional.

example claim · US federalstatus: under reviewstatus: debunked

An LLC eliminates your taxes123

Counterpoint
The entity type changes how income is reported, not whether it is taxed.
Source
A single-member LLC is disregarded by default, so profit lands on the owner's own return.
Treas. Reg. § 301.7701-3
Support
It can open the door to real deductions, and an S-corp election can change payroll tax.

community verdict82% debunked

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US federalrule cited

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Write off everything

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debunked: 8
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SearchJurisdictionCategoryVerdict

Holds upUS federalhealth

HSA triple tax advantage

Contributions, growth, and qualified withdrawals are all tax-free. The catch: you must be enrolled in a qualifying high-deductible health plan, and there are annual contribution limits.

M. Kesslerlast verified Sep 29, 2026

community verdict, 96 votes

discussion, evidence first

SourceP. MoreauSep 11, 2026

Contribution limits and HDHP definitions are set annually by the IRS.

Read the source

IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.

CounterpointR. LindqvistSep 3, 2026

Only if you can actually afford to fund it. For someone with high out-of-pocket medical costs, a lower-deductible plan can beat the HSA on total cost.

Holds upUS federalinvesting

Tax-loss harvesting with wash-sale caveats

Sell losing investments to offset gains and reduce taxable income. The wash-sale rule blocks the deduction if you buy a substantially identical security within 30 days before or after the sale.

R. Lindqvistlast verified Sep 21, 2026

community verdict, 95 votes

discussion, evidence first

SourceP. MoreauAug 27, 2026

The wash-sale rule is codified in the Internal Revenue Code.

Read the source

26 U.S.C. § 1091 — Loss from wash sales of stock or securities.

CounterpointJ. OkaforAug 22, 2026

The $3,000 annual cap on capital-loss deductions against ordinary income is a real limit people overlook.

DebunkedUS federalbusinessNeeds a professional

Write off your car as a business expense

The common myth: buy a car, call it a business expense, and deduct the whole thing. In reality you can only deduct the business-use portion, and you must pass a business-use test with records.

P. Moreaulast verified Oct 3, 2026

community verdict, 95 votes

discussion, evidence first

SourceJ. OkaforAug 12, 2026

The IRS requires a business-use test and records for vehicle deductions.

Read the source

IRS Tax Topic 510 — Business Use of Car.

CounterpointM. KesslerAug 3, 2026

You can deduct the business-use percentage, but only with contemporaneous mileage logs. Personal use is never deductible.

DebunkedUS federalbusiness

An LLC magically eliminates taxes

A popular myth. An LLC is a legal structure, not a tax status. By default it's a pass-through entity — you still pay income tax on profits, and you may owe self-employment tax.

J. Okaforlast verified Sep 26, 2026

community verdict, 95 votes

discussion, evidence first

SourceM. KesslerJul 18, 2026

The IRS explains that an LLC is not a tax classification by itself.

Read the source

IRS — Limited Liability Company (LLC) page.

CounterpointP. MoreauJul 14, 2026

An LLC can change how you're taxed (e.g. elect S-corp status), but it doesn't erase the underlying tax. The structure is about liability, not tax avoidance.

Holds upUS federalreal estate

Rent out your home for 14 days tax-free

The 'Masters exemption': if you rent your home for 14 or fewer days a year, the rental income is not reportable. This is a real, narrow rule — not a license to run a full-time rental.

R. Lindqvistlast verified Sep 16, 2026

community verdict, 85 votes

discussion, evidence first

SourceP. MoreauSep 13, 2026

The 14-day rule is in the Internal Revenue Code.

Read the source

26 U.S.C. § 280A(g) — Special rule for certain rental use.

SupportJ. OkaforSep 9, 2026

Genuine rule, and the 14-day limit is strict. Day 15 changes everything.

It dependsUS federalcryptooutdated?Outdated

Crypto losses are fully deductible

You can deduct realized crypto losses, but only against capital gains first, then up to $3,000 of ordinary income. Unrealized losses (paper losses) are not deductible at all.

M. Kesslerlast verified Sep 23, 2026

community verdict, 86 votes

discussion, evidence first

SourceJ. OkaforAug 17, 2026

Capital loss limitations apply to crypto like other capital assets.

Read the source

IRS FAQ on virtual currency transactions.

CounterpointR. LindqvistAug 13, 2026

The wash-sale rule doesn't apply to crypto the way it does to securities — yet. That's a moving target and worth watching.

This post promotes behavior that may cross into illegal tax evasion. It is shown for discussion only and is not endorsed.

DebunkedUS federalbusinessAggressiveNeeds a professional

Pay yourself a salary to dodge self-employment tax

The claim: incorporate, pay yourself a tiny salary, and take the rest as distributions to avoid self-employment tax. This is aggressive and often crosses into evasion — the IRS requires reasonable compensation.

P. Moreaulast verified Oct 6, 2026

community verdict, 86 votes

discussion, evidence first

SourceM. KesslerSep 1, 2026

The IRS requires reasonable compensation for S-corp shareholder-employees.

Read the source

IRS — S Corporation Compensation and Medical Insurance Issues.

CounterpointJ. OkaforAug 28, 2026

S-corp owners must pay themselves reasonable compensation. Underpaying salary to shift income to distributions is a classic audit trigger.

Holds upUKretirement

Contribute to a workplace pension to defer tax

Contributions to a qualifying workplace pension reduce taxable income now, and growth is tax-deferred until withdrawal. Limits and rules vary by plan and jurisdiction.

J. Okaforlast verified Sep 19, 2026

community verdict, 85 votes

discussion, evidence first

SourceP. MoreauSep 17, 2026

UK pension tax relief is set out by HMRC.

Read the source

GOV.UK — Tax on your private pension contributions.

SupportR. LindqvistSep 14, 2026

The annual allowance and lifetime allowance rules matter a lot in the UK. High earners should check the taper.

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