Lower Your Taxes
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.
Capital Gains Tax: Essential Tax Tips for Capital Gains & Losses
A capital gain is the difference between what you paid for an investment and what you received when you sold that investment. If you made a profit on the investment, then you have a capital gain. If you lost money on the investment, then you have a capital loss. Covers record-keeping, calculating capital gains and cost basis.
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.
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.
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.
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.
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.
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.
How To Pay Zero Taxes, 2005 (Book Review)
Review of the book, "How To Pay Zero Taxes, 2005: Your Guide to Every Tax Break the IRS Allows," by Jeff A. Schnepper. Recommended for anyone who wants to implement long-term tax strategies to reduce or eliminate their tax liabilities.
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.
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.
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.