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Free Tax Tips To Help Cut Your Tax Burden
http://taxtips4today.com
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Many tax payers elect to file the 1040EZ form because it is easier, but they are missing out on
income tax deductions that can give them a much larger income tax return. Read on to see what
the usual income tax deductions are and see if you are claiming all of them. When you are ready
to file your taxes, check out the link at the bottom to see how you can get your taxes filed for free.
If you decide to skip all the income tax deductions and file a 1040EZ tax return, you will be given a
standard deduction based on your filing status. This is the amount that gets deducted from your
income before determining how much tax you should have paid. If you don't have a mortgage or
any other tax deductible expenses, this is probably the way to go, but if you have deductions, you
could be costing yourself tons of money.
There are tons of legal income tax deductions you can claim, especially if you have a small
business, but following are the deductions most people can take. The first deduction is based on
how many people in your household. For each person you get to deduct a certain amount from
your income. The next deduction most people can take is mortgage interest. If you own your own
home, the amount of money you pay every month on interest can be deducted from your income.
If you donate to charity, and most people do, you can deduct this as well. That means that all the
money you donate to your church every Sunday reduces the amount of taxes you have to pay.
Student loans are another common source of income tax deductions. You are allowed to deduct
the interest portion of your student loans. Other deductions that are less common include medical
expenses and expenses related to child care, but you should really consult a tax professional if
you plan to go beyond the usual deductions.
Hopefully this quick list of income tax deductions will help you identify all the things you can deduct
from your income to reduce the amount of money you owe the government.
When you are ready to actually do your taxes, check out my Online Income Tax Software page to
get reviews of the top online tax software programs and see how you can do your taxes for free
online.
Article Source:
http://EzineArticles.com/?expert=David_Vanbergen
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Free Tax Tips To Help Cut Your Tax Burden
http://taxtips4today.com
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