Saving Money on Taxes

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Can College Students Deduct Car Mileage on Income Tax?

Whether you drive across town or across the country to attend college, your mileage isn't a tax write-off. You or your parents can deduct tuition and fees, but fees don't include the price of gas. There are special circumstances in which you may be able to claim a mileage ...

How Much Money Can You Give Tax-Free?

Plan carefully and you can reduce your estate’s tax liability and help those dear to you by giving them some of your money. Give haphazardly and you are likely to fall prey to the gift tax. The IRS assesses it when your generosity exceeds the limit the U.S. tax code ...

Can an Inherited Non-Qualified Annuity Be Rolled Over Without Tax?

The rules concerning tax-free exchanges of non-qualified annuities changed in 2013, when the Internal Revenue Service published Private Ruling 201330016. Under the ruling, a beneficiary can perform a Section 1035 exchange on an inherited annuity, but the exchange must conform to ...

How to Claim College Students on Federal Taxes

If you provide financial support to a college student, whether it's yourself or another family member, you may be eligible for federal tax breaks. These breaks come in the form of tax credits and tax deductions. Some of these tax breaks are alternatives to each other, meaning ...

Tax Write-Offs When Building a New Home

Several tax breaks are available to you if you are building a new home. These tax breaks come in two forms: tax credits and tax deductions. You deduct the amount of a tax credit from the amount you have to pay, while you subtract the amount of a deduction from your taxable ...

How Much Tax Deduction Can I Expect From Paying School & Property Taxes?

Most cities and other local jurisdictions assess property taxes in order to pay for local services such as police and fire protection, as well as schools and street maintenance. This property tax is deductible from your taxable income, provided it meets certain criteria. Taking ...

How to Redeem a Savings Bonds Without Paying Taxes

U.S. savings bonds are a relatively safe way to strengthen your financial future. These bonds come in two types. Series EE pays a fixed rate of interest for 30 years. Series I also pays interest for 30 years, but the rate is partially indexed to inflation. Savings bonds are ...

How to Reduce Taxes on High Earnings

In most cases, the taxes you pay directly relate to how much you earn. This can potentially result in a high tax liability for high-income earners. Federal tax rules allow certain deductions that can reduce taxes for high earners. Understanding the tax laws that benefit high ...

Tax Benefits of Rental Property

Owning rental property brings you a number of benefits. Many properties offer an attractive mix of equity growth and cash flow, but the tax shelter is probably the most appealing benefit. Since rental properties straddle the line between investments and businesses, you typically ...

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