Tax havens are countries where taxes are levied at lower rates compared to the home country. Most rich people transfer their money to tax havens to conceal their actual incomes while saving heavily on taxes. There are close to 80 countries that have incredibly low to almost no taxes. American billionaires go to these countries in order to open offshore bank accounts and shell corporations.

Filing tax returns and paying taxes on time is essential to avoid any action from the IRS. Although most of the taxes levied by the federal government or any state government are used for development expenditure, there are certain types of taxes that seem very ludicrous. Here are some of the 11 oddest things that have been taxed through the years.

After filing their tax return, many wait for their refund check. Tax refund checks are usually received within three weeks of filing the returns. The average amount received by most people is about $3000. This is a substantial amount of money that can be put to good use. Here are 13 different ways to use tax refund money smartly.

Often, mistakes and errors made while filing tax returns are associated with missed deductions. The Internal Revenue Service (IRS) concedes that people generally overpay their taxes and it is important to get the write-offs you deserve. Here are 22 of the most-often overlooked tax deductions. State sales taxes: Everyone can avail of this write-off but it is especially useful to those who live in the states that do not impose state income taxes.

While most people regularly meet their tax obligations, there are always a few who may discreetly evade their taxes. Non-payment of taxes falls under tax non-compliance; activities such as tax avoidance, tax reduction through legal means, and tax evasion (also called as the criminal non-payment of tax liabilities) come under tax non-compliance.

Often regarded as the golden years of one’s life, retirement provides seniors with a much-needed respite from life’s hustles. But retiring comes with its own set of challenges, including financial ones. Fortunately, planning ahead of time and understanding various retirement plans and financial strategies can help one prepare for the years to come.