Saving Money on Taxes

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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 ...

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 Do I Identify Stock Lots to Sell?

A share lot is a group of shares in a particular company you bought at the same time. Tell your broker if you want to sell shares from particular lots for tax reasons. You will pay tax based on how long you've owned those shares and how much they've gone up or down in value when ...

What Kind of Deductions Qualify Under IRS Section 179?

Section 179 of the Internal Revenue Code is an accelerated depreciation deduction provision that allows you to deduct all or part of the cost of certain property during the year you first use it, instead of depreciating it gradually over its useful lifetime. Only certain types ...

Residential Energy Tax Credit for Wood-burning Stoves

The federal tax overhaul of early 2013 was designed to avoid a "fiscal cliff" of drastic spending cuts and tax increases. The legislation provided a useful fringe benefit to wood stove buyers in the form of a tax credit. Congress extended this credit for "biomass" energy in ...

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 ...

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 ...

How to Evaluate Your Income Taxes

Saving money on your income taxes can take many forms, but knowing whether you've paid a fair rate is difficult. Even if you hire a professional tax preparer, you can evaluate your income taxes to assess your tax strategy and to determine areas where you can save money next year.

How to Claim a New Home Furnace on Your Income Tax Form?

In an attempt to spur higher energy efficiency, the Energy Policy Act of 2005 first established tax credits for installing energy-efficient home equipment like furnaces. The credits subsequently were renewed as a part of the post-Great Recession stimulus bills. As of 20013, the ...

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