10 big deductions too many of us miss
A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?
VIDEO ON MSN MONEY
I sure would like to see the penalty for taking money out of a 401 k be slashed. No one hits their pension unless their boat is sinking so it adds a real burden to an already burdened soul.
The 10 things listed are all well and good. However, with a couple of exceptions, they must be taken as itemized deductions. I expect the vast majority of us use the standard deduction because it is more than all our itemized deductions combined. They sound good, though, if you don't know the difference.
Income adjustments and tax credits are always good because they either reduce your adjust gross income or the total amount of taxes owed, and they are not itemized deductions.
There is certainly irony n the statement regarding the book, How to Pay Zero Taxes, - "borrow from the library".
How do you think Libraries are funded? cetainly not from your paltry membership fees.
I have a great issue. I am driving 2400 miles a month to work. … but I cannot find a way to deduct or save in taxes. Now the situation is bad as my wife is without work for a Year. I did have to get a cash loan from my 401k to pay for my mortgage and now I do have to paid to IRS more than $10’000.00 in taxes.
· One working
· Wife without work for a year
· $10’000 in taxes
· Cash Loan for the house is gone
· Unable to refinance the house from 0.8% to 0.4% because the estimated price of the house is $49’000 when Mortgage is still $73’000.00
Do somebody has an extra gun? … or a better advise.
Hey, I paid towards my son's higher education - does that mean i get his credit???? :)
WTH? I'm a CPA and I prepare hundreds of tax returns every year. Don't do what this guy says. He's a detriment to your well being. Trust me.
"How to pay zero tax" i think it is a little too exagerate. it would cost me to give away nearly all i
have just enough to cover $1000 tax owed. Charity is good and we should look out for poor people.
However, you will never get back same credit for whatever good you first bought. For example, you just buy a pair of jeans $100 and went home and found it is not fit and have lost receipt,you can't
return the item. at charity the maximum credit you could get is 10% or under. to get it plus others
give away items to Zero Tax is next to impossible.Beside, i wonder if you could get a deduction for
the purchase of this book, anyway. But, it would make more sense if it entitled " How to minimize
your tax down to nearest zero tax". The public is not a stupid people.
I know this to be true.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.