I see this mentioned here all the time. What tax loopholes are left in our tax code? I make over $250k and I know of one loophole that saves me a few $1000. I am personally incorporated such that can avoid the Medicare tax on all monies earned over $100000. Thats it. Real Estate offers no tax loophole. Depreciation schedules are long and tiny. Oil and gas is a total crapshoot. You could have used insurance to shelter some income but its really convoluted and the IRS has been working hard to close those doors. Where are these nefarious tax loopholes? Flashy, do you know of any tax loopholes that can really shield income? I do not.