Maybe you didn't buy a racehorse last year. You were worried about what it would do to the lawn, or perhaps you just didn't realize that the IRS regards racehorses as a tax-deductible part of the "farming business," along with cattle and pigs. But that's all right. Next year you can always pick up a hefty deduction simply by changing your name, or you can incorporate yourself in the Cayman Islands and start racking up impressive business losses by issuing yourself big dividends. Maybe you'll even "lose" so much that the IRS will give you refunds going back for years.
Well,...
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