Unless one hires a good tax accountant, many odd quirks in tax assessment and court rulings may be missed. My accountant told me that Canadian tax rulings run to some 16 volumes, and the basic tax form directions are insufficient to keep many taxpayers from paying too much. He found one that works for me and I got a sizeable refund.
The U. S. basic forms also omit much that can save one money.

Here is a bonus for money managers in the U. S.
If one is a money manager in a private partnership, a chunk of his fees may be treated as long-term capital gains, taxed at the low rate of 15 percent.
Obama would like to close this particular example, but it is still open.
How many more tax loopholes are there?

NY Times editorial, "Hedge Funds Make Hay," Sunday, April 4, 2010.