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Tag Archives: avoid income tax

11 Tax Deductions You Might Be Overlooking

11 Tax Deductions You Might Be Overlooking

Tax time is right around the corner whether or not you are prepared for it. We all know a few people who are never prepared for tax time. But even if you feel like you have prepared for tax season, you might not be as ready as you think. The truth is that there are tons of tax deductions you might qualify for. With so many, it can be hard to keep track of all of them. To help you out and make sure you save as much money as possible, here are at 11 tax deductions you might be overlooking. 1. Moving Expenses When you relocate because of your job, you might be able to claim those costs as a deduction when you file your taxes. Of course, you must meet certain qualifications. 2. Student Loan Interest You can deduct the interest you paid for your student loans, or the interest student loans of any dependents. There is a cap of $2,500 and you have to have an adjusted gross income of $80,000 or less to qualify for some of this tax deduction. 3. Membership Dues If you pay membership dues that help you conduct your business, you might be ...

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How To Avoid Paying Taxes

lower your income taxes

This is a post from Gary Dek at Gajizmo.com. Enjoy! Benjamin Franklin said “The only two certainties in life are death and taxes” but with loopholes in the tax code, a little research and planning with your CPA or tax attorney may significantly reduce or altogether eliminate your tax liability. The mega rich know all the ways to avoid income and capital gains taxes, but those with lower incomes can find ways to cut their tax bills, too. Here are a few strategies to teach you how to avoid paying taxes. Not all our tips may apply to you so pick the ones that are feasible and discuss them with your accountant for the coming tax year. Tax Credits Would you like the government to pay part or all of your tax liability? It can happen if you accumulate enough tax credits. You may qualify for an Earned Income Tax Credit if you have a low to moderate income – $37,870 to $51,567 (depending on the number of dependent children in your household­­). At these income levels, your refundable tax credit may be larger than the amount of federal taxes you owe, resulting in a sizeable refund. Other tax credits ...

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