Saving Money on Taxes

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IRS Tax Write-offs for Worthless Stock

When stock you purchased becomes worthless, you incur a capital loss. Subject to certain limitations, the IRS allows you to deduct the value of your capital losses from your taxable income. In some cases, however, you may have to wait several years to deduct the full value of ...

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 ...

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 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 ...

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 ...

Income Tax Deductions for Energy Savings

Making energy-saving improvements on your home will not only save you money on your energy bill, those improvements may help you save even more on your federal tax return. The IRS offers several tax deductions that you may be eligible for if you made improvements to reduce your ...

Tax Credit for Paying Tuition

The Internal Revenue Code is designed in part to use tax incentives to encourage socially beneficial activities. Because of this, it contains several education incentives. Among these incentives are two tax credits -- the American opportunity credit and the lifetime learning ...

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