Common and Legal Ways To Reduce Federal Taxes to the IRS
Legally Reduce Your Tax Bill
No, these tips are no big secret, but are actually published on the IRS website. They are the most common type of tax deductions and credits that can reduce your federal tax bill. I am pubishing them here, because people often overlook them. We all have to pay taxes, but there is no reason to pay more than we legally have to pay!
- Exemptions for children and a spouse
- Deudctions - Home mortgage interest, Other Taxes Paid (i.e. real estate), Student Loan Interest, Charity, Casualty and Theft Losses, Some Job Related Expenses.
- Credits - Education, Child Care, Child Credit, Earned Income
This list is not comprehensive by any means. You can do more research on the IRS website, with a good tax software program, or of course, with a tax professional.
If You Cannot Pay Your Tax Bill…..
As a side note, if you cannot pay your tax bill, do not panic yet. You can charge your taxes to a credit card, or work out a payment plan with the IRS. It is important to file your taxes anyway, even if you cannot pay. The IRS will work out something with you.
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