For Subscribers

Loophole Lotto

Next time you write a check to the IRS, you may wonder whether you really have to.

By Sandra Boncek Hume

Opinions expressed by Entrepreneur contributors are their own.

Death and taxes may be the only sure things, but don't tellthat to Dick Simkanin or Al Thompson. Both have decided to do awaywith the hassle of income tax. Why? They say it's to keep frombreaking the law.

After years of scrutinizing tax regulations, Simkanin, 56, andThompson, 54, came to a few conclusions, the most notable being acontroversial reading of the Internal Revenue Code's section861 as saying that only foreign-owned businesses are liable to payfederal income tax. Eventually, both entrepreneurs made a decision:no paying the IRS and no withholding from employees'paychecks.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

This 61-Year-Old Grandma Who Made $35,000 in the Medical Field Now Earns 7 Figures in Retirement
A 'Quiet Promotion' Will Cost You a Lot — Use This Expert's 4-Step Strategy to Avoid It
3 Red Flags on Your LinkedIn Profile That Scare Clients Away
'Everyone Is Freaking Out.' What's Going On With Silicon Valley Bank? Federal Government Takes Control.

How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Business News

'Things Will Go Wrong.' Google Releases Its Chatbot Bard With Caution.

The AI-powered search tool went live today to a limited number of users in the U.S. and the U.K.

Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.