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Simple Tips To Help You Save On Taxes At Work

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If you want to reduce the amount of tax you pay, you should let your employer cover some of your expenses.

By simply allowing your employer to cover your expenses with pre-tax dollars, you will be able to save hundreds and sometimes even thousands of dollars annually.

The best way to save on taxes.

Make arrangements with your employer to pay for some of your expenses every month. Ask you employer to pay for an expense straight up. Any employer will do this because, a) Its a wonderful thing to do, and b) The expense will be a deductible expense… Read the rest

Don’t Waste Your Tax Refund: Make it Work for You

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If you are one of the several million Americans who is anticipating a sizable tax return refund this year, then you know how very exciting the prospect can be. There are just so many things you can do with that lump sum of cash, right? However, the truth is that most people have great intentions for how they will make use of their tax refunds, only to put it into the checking account and watch it dwindle away on trivialities. The only way you can avoid this situation is to put some careful consideration into how to best reap … Read the rest

Unusual Tax Deductions You Should Not Claim

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More and more people are filing their tax returns with turbo tax and other software so they can try tricking the system. I have never been a person to take a chance as far as tax deductions are concerned. However, some people will gladly take the risk boldly going where most of us would only dare.

The Minnesota Society of Certified Accountants has compiled a list of odd tax deductions according to a survey given to its members. Of course, these were thwarted by their accountants.

Chairwoman Sara Portner says there is a high profitability they would get sent an … Read the rest

Capital Gains Ignorance Leads To Catastrophic Losses

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The IRS regards almost every asset you use or own for business or personal reasons as a capital asset. Such items include your personal residence in addition to any furniture or stocks and bonds held in your own name. Net profit or loss from the sale of such commodities is either a capital gain or loss.

All capital gains must be accurately and fully reported on federal tax returns.

Deductible capital losses are limited to investment property.

Capital gains and losses may be categorized as either “short-term” or “long-term.”

Applicable net capital gain taxes are typically lower than other taxable … Read the rest

Santorum Taxes And Tax Plan, A New Road Or Another Detour

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Rich Santorum won the Iowa caucuses and has positioned himself as a front-runner. One candidate surges ahead and then dramatically drops down in the polls. The American voter appears uncertain when it comes to choosing a candidate for the GOP nomination. The Santorum 2012 taxes and overall tax plan require closer attention. The United States deficit and rising unemployment continue to be the hot topics in this race.

The Santorum tax plan it is estimated would cut taxes by one-trillion by 2015. A higher the deficit the will lower the value of the American dollar. He promises to cut taxes … Read the rest