Saving Money on Taxes

More in Saving Money on Taxes

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 ...

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 ...

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 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 ...

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 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 ...

Capital Gains Tax on Sale of Home Involving a Deed Transfer

If the original purchase price of your home is much less than the price you can currently sell it for, you may be concerned about the tax implications of the sale. It's not until the year in which the deed transfers to the buyer that you'll have a capital gain. You may, however, ...

Are Negligence Settlements Taxable?

Negligence lawsuits can include claims for damaged property, personal injury, emotional trauma, loss of income, and a host of other reasons. When cases are settled, the parties and the attorneys involved will typically consider the tax ramifications for everyone involved. ...

Zacks Investment Research

is an A+ Rated BBB

Accredited Business.