Saving Money on Taxes

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How to Transfer Property Without a Gift Tax

For tax reasons, it's important to pay attention when you transfer money or another property that can be valued in dollars to someone. The IRS may consider it a taxable gift unless you get compensated for the full value of what you gave away. You may avoid the gift tax in ...

Tax Strategies & Savings for High-Income Families

Because of the graduated income tax system, taxes are a major expense for high-income families. Fortunately, many tax breaks are available to those who understand the tax code. If you take full advantage of these tax breaks, you may end significantly reducing your tax bill.

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 ...

What Percentage of a House Can I Claim for a Business Write-Off?

According a study conducted by the U.S. Census Bureau in 2010, more than 13.4 million people worked from home at least one day a week. This represents 9.5 percent of all workers, including people who are self-employed. The study found that, on average, people working from home ...

How to Reduce Penalty on Early IRA Withdrawal

The Internal Revenue Service will slam you with a 10 percent penalty if you take money out of an individual retirement plan too soon. In general, you must be 59 1/2 to avoid the penalty. If your IRA is of the Roth variety, you can always withdraw your contributions at any time ...

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 ...

The Tax Write-Off for Miles

The Internal Revenue Service allows you to deduct many expenses from your taxable income. If you incur expenses driving, in some cases you may deduct mileage expenses from your taxable income. In most cases, the IRS allows you to choose from the standard mileage rate or the ...

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 ...

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 ...

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