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Use Child Tax Credit For Tax Savings

Now, here’s a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayer’s federal tax liability. In 2011, the Sunset Provision w........ Read More

Saving Money With Tax Free Medical Plans

Do you have medical expenses that you incur every single year? Do you always use up your entire medical insurance deductible on co-pays? If so, there are a couple of medical saving plan available that would allow you to use tax-free money to pay for your medical expenses. That is an automatic 28%+ savings! You see every time you pay the co-pay using your checkbook, credit card, or debit card you are paying with money that has already taxed by the federal, state, and local governments. The ........ Read More

Heath Savings Accounts (hsas) Mean Big Tax Savings

Concerned about the high cost of healthcare? Worried that your insurance doesn’t cover all your costs? Fortunately, a partial solution may be just around the corner. Since January 2004, taxpayers have had a tax savings tool called Health Savings Accounts, or HSAs. These HSAs may solve many of your healthcare cost problems. How an HSA Works In a nutshell, HSAs work like this. You buy a specific type of major medical, or catastrophic coverage, insurance called a High Deductible Health Plan. (T........ Read More

Tax Savings Tips For Parents

Ask any new parent, and they will tell you that the costs associated with a new baby are many, everything from bottles to diapers to cribs, strollers, and high chairs, and all of this before the child even learns to walk and talk and beg you for a pair of $500 designer jeans. Parenting is one of the most rewarding, and important jobs that a person can have, in addition to being one of the most expensive. The good news is that there are two tax breaks offered by the federal government that the m........ Read More

Getting Tax Credits For Saving Energy

Homeowners looking to cut their tax bills may want to rethink their water heaters. A recently signed law allows people to take as much as a $300 tax credit if they install a tankless water heater in their house. The new tax credit is meant to encourage U.S. residents to better manage their energy consumption through the use of more efficient technology. Switching to such technology carries the added benefit of reducing utility bills overall even after the tax credit has expired. In the case o........ Read More

Saving Tax With Loans In India

"Saving Tax" on your income is always a spot of interest for each one of us and why not when there is a legal way? Saving Tax is easier under Indian Income Tax Act if one opts for the home loan. There are two sections of Indian Income Tax which allow you to avail this benefit. 1) Indian Income Tax Act 1961, Section 24 (B) 2) Indian Income Tax Act 1961, Section 80 (C..) If proper investments are made then you can get a total deduction of Rs. 2.5 lacs per year. Under section 24, one can........ Read More

Tax Incentives For Saving For Education

Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives. Tax Incentives for Saving for Education Higher education in America is an expensive proposition. If you have a child in college, I hardly need to tell you this. While every parent is proud of a child pursuing education, the glorious event can make for some sleepless night when thinking about how to pay for it. If you have young children, the govern........ Read More

101 Tax Savings Ideas, 7th Edition

There’s no doubt about it, tax laws are complicated and IRS pamphlets are confusing. Without a proper understanding of current tax laws, Americans are subject to tax scams and overpayment of their taxes. But where can they turn for help? Who can they trust? With Certified Public Accountants charging $50 to $100 per hour, for tax advice, average American households turn to books to help them gather all their records and begin preparation for their taxes. While many tax book son the market are........ Read More

Year-end Health Savings Account Tax Strategies

2007 is just around the corner, and there are several issues to consider if you currently have an Health Savings Account (HSA), or are planning on getting one in the near future. 100% of the deposit you place in your HSA is deductible on your federal income taxes. All but four states also make HSA contributions tax-deductible on state income taxes. If you are looking to reduce your 2006 tax burden and put away more money for retirement, your HSA is the first place you should put your money if........ Read More

Tax Credits For Retirement Savings

It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us. Tax Credits for Retirement Savings Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs. Regardless, most people fail to do all they can in this regard. In an attempt to motivate us taxpayers to save as much as we can fo........ Read More


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Accounting Software Personal Accounting Accountant Tax Saving
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Accounting Software Personal Accounting Accountant Tax Saving
Accounting Careers Business Accounting Accounting School Accounting Principles

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