Saving Money on Taxes

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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 ...

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 ...

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 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 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 establishes ...

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 Credits for the Tuition Expenses of Your Kids

The U.S. government recognizes the expenses associated with attending college and offers two tax credits to help offset tuition and other education expenses. Tax credits are better than a deduction, because the complete amount of the credit is applied to your taxes due, not just ...

What Expenses Can Be Claimed on a Tax Return?

The IRS doesn't tax you on your total income. Instead, provided you qualify, you may make certain deductions from your taxable income, which are based on expenses that you incur during the tax year. To qualify for many of these deductions, the IRS requires that you itemize your ...

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