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Lower Your Taxes

Learn about how the tax system works, discover the best tax strategies, and develop a solid plan for reducing your income taxes.
  1. Deductions & Credits
  2. Hire a Tax Pro
  3. Tax Prep Books
  4. Tax Software
  5. Tax Terms A-Z

Year End Tax Tips
Here's a list of twelve simple tax moves you can do before the end of the year to keep your income taxes as low as possible.

Tax Planning Strategies for Retirees
Retirees and those planning to retire in the near future will want to plan ahead to keep their taxes as low as possible. Here are some basic information for understanding how retirement income is taxed and strategies for keeping your taxes at a minimum.

Basic Tax Strategy Using Deductions and Tax Credits
You can substantially reduce or eliminate your income tax by saving for retirement, owning a home, sending your kids to college. Here's how tax planning paid off for a married couple.

US Withholding on Canadian Business Income? - Questions from Readers
Canadian citizens who have business income from US sources should fill out Form W-8BEN to claim a reduce amount of income tax withholding. Find out how to qualify for benefits under the US-Canada Tax Treaty and how to fill out Form W-8BEN.

Estimated Taxes: How to Pay Your Estimated Taxes Quarterly
Estimated payments are one method of prepaying federal taxes. Taxpayers can send in estimated tax payments throughout the year. The IRS recommends paying estimates four times a year.

Filing Your Taxes for the First Time: Quick Tips for Preparing Your Fi
Preparing your first tax return is empowering and rewarding. Plus, filing your taxes isn't hard. It just takes patience to make sure you've followed all the instructions. Plus some practical tips for preparing your first return confidently and accurately.

Tax Tips for Freelancers
Tax tips and strategies for freelance professionals and self-employed people. There are special circumstances that apply to freelance writers and other creative professions, so I will highlight what you need to know to prepare your taxes and to avoid IRS investigations.

Incorporating: Choosing a Form of Business Organization – Partnership,
Protect your business profits from excessive taxation by choosing the best form of business organization for your needs. Incorporating versus independent contractor. Compare partnership, limited liability companies, S-corporations, C-corporations, and sole proprietor.

Incorporating Your Business to Protect Business Losses
New businesses often have several years of losses before becoming profitable. The IRS may disallow your losses if you are filing on a Schedule C. You can protect your losses from an IRS audit by incorporating your business.

Your First Business Tax Return
Preparing your company's first business tax return can be stressful, but CPA Joseph Rosenberg provides plenty of tips for making your tax preparation thorough and accurate.

The Complete Idiot's Guide to Tax Breaks and Deductions (Book Review)
Review of the book, "The Complete Idiot's Guide to Tax Breaks and Deductions," by Lita Epstein. Epstein has an ambitious goal: to produce a tax book that lives beyond April 15th as a handy guide to tax planning.

Back Taxes & How to File My 1999 Tax Return - Questions from Readers
Dear Tax Guide, The IRS sent me a letter demanding that I file my 1999 tax return. I have no records from this year. What should I do? Dear Reader, get a copy of your wage transcript from the IRS, and file a 1040. More tips on dealing with the IRS and filing your back taxes.

Taxes and Getting Married - Questions from Readers
Dear Tax Guide, I’ve often noticed that the married amounts for various deductions are quite often substantially less than double the single amount. Can you explain why? Tax reforms and the "marriage penalty," plus tips for reducing your taxes.

Converting Property to an S-Corporation - Questions from Readers
Dear Tax Guide, I recently started my own S-Corporation. Can my business depreciate the cost of property I donated to the business? How I can figure out how much to depreciate?

Getting Refunds on Late Tax Returns - Questions from Readers
How many years back can you file your income tax return when the government owes you? Generally, you have 3 years to file a tax return and claim a refund.

Withholding and Self-Employment - Questions from Readers
Can I increase my withholding at my day job to cover additional taxes from my self-employment gigs? Yes, you can. Here's how to calculate how much you should withhold.

Taxes 101: Understanding the Income Tax Laws
Tax forms can be pretty scary. And sometimes your favorite tax software doesn't make things easier. Fortunately, there's some very basic ideas which can help you understand what taxes are all about.

Tax Planning 101: 3 Basic Strategies for Reducing Your Taxes
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes. You can reduce your income, increase your deductions, and take advantage of tax credits.

Deducting Laser Eye Surgery - Questions from Readers
Can laser eye surgery be deducted as a medical expense for tax purposes? Yes, but find out how itemized deduction fit into your overall tax strategy.

Tax Planning - CCH Financial Planning Toolkit
A great step-by-step approach to tax planning, from the tax experts at CCH.

The Basics of Tax Planning - CCH Financial Planning Toolkit
The tax experts at CCH have developed a truly simple and eeasy to implement tax planning strategy. This is so easy, so you think you need something more sophisticated. This plan has all the fundamental ideas you need to develop your own personal tax strategy.

TurboTax for the Web 2004 (Software Review)
Review of the TurboTax for the Web 2004 tax preparation software program. Overall: TurboTax for the Web is highly recommended for both simple and complicated tax returns because of its easy to understand interview questions and skillful handling of more complicated tax issues.

Business Tax Products and Kits: Pre-Draft Forms, Kits, Templates, and Guides
Find business tax kits and downloadable templates to help manage your business taxes more effectively. Find checklists, agreements, and advice for choosing the right form of business to incorporate, properly hiring employees and independent contractors, sending out invoices, and keeping a thorough account of your expenses and income.

Year-End Tax Planning Tips for Investors
Investors have a number of tax planning tactics available to them throughout the year. At any point in time, investors can decide to sell off an investment, or to make a new investment, or some combination of the two. These decisions are particularly relevant near the end of the year as investors start to determine their overall investment...

Year-End Tax Planning Tips for Freelancers and Self-Employed Persons
Freelancers and other self-employed entrepreneurs have several tax planning strategies available to them before the year is over.

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