How to avoid taxes (legally, of course) : Planet Money There's a big difference between tax avoidance and tax evasion. But sometimes even avoiding taxes (legally) can feel like you're getting away with something. Today, we share some of our — and your! — favorite loopholes in the U.S. tax code.

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My Favorite Tax Loophole

My Favorite Tax Loophole

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Scott Olson/Getty Images
CHICAGO - NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal Revenue Service November 1, 2005 in Chicago, Illinois. A presidential panel today recommended a complete overhaul of virtually every tax law for individuals and businesses. (Photo Illustration by Scott Olson/Getty Images)
Scott Olson/Getty Images

People in the U.S. spend a lot of time filing their taxes. And over the years, we've found ways to take advantage of the system — totally legally! The U.S. tax system is filled with so-called loopholes — small and large — that many people, especially the rich, use.

On today's show, we present 11 of our and your favorite tax loopholes. There are some you love, and others that you love to hate. We learn about tax breaks for homeowners, billionaires, cat owners, investors, and...subsistence whalers.

Music: "Just Take Me Up," "Anyone But You" and "Let It Slide."

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