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Personal Finance

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What are some ways to save money on your federal income tax?

  • Personal Finance - ,

    Donate large sums of money to recognized charities.
    Watch your stock sales so that you don't have an inordinate amount of capital gains.
    Employ a good tax professional who will help you find all of your legitimate deductions.

  • Personal Finance - ,

    1. Look at itemizing IF certain circumstances prevail (large donations, large medical expenses and that kind of thing).
    2. Shift some of your income from taxable to non-taxable such as the purchase of municipal bonds.
    3. Take advantage of selling stocks that fare poorly and have lost value and using that to off-set stock gains and dividends.

    Note: I assume this is an assignment. The above must be used with caution and can not be seen as a fix for everyone. They will not work for everyone, either.

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