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How to Reduce Taxes This Year
from:We’re all looking for ways to reduce taxes. Each year, there are ways to save on your taxes in perfectly legal and legitimate ways, yet people often overlook many of these items. Here are some ideas on how to reduce taxes this year.
Sell your poorly performing stocks – If you have stocks that you’re taking a big loss on, sell them. Losses on stocks are tax deductions and can save you a bundle. Of course, it’s important to know your cost basis on your stocks: meaning how much they cost you, so that you know whether or not you’re taking a loss when you sell them. If you sell them for more than you paid, then you’ll have to pay capital gains taxes. However, if you sell them for less than you paid, it’s a loss –and a tax deduction. When you’re trying to figure out how to reduce taxes, don’t forget to look at those stock duds.
Start a business – If you can turn your hobby into a business –do so. It doesn’t matter if you don’t make any money at it. In fact, if your business loses money, it saves on taxes. This is one of the most overlooked items when people wonder how to reduce taxes. By simply keeping track the expenses you incur in your little sideline business, you can save on taxes. All of your supplies are deductible, as is mileage you drive on your business and other expenses.
Go to school – Tuition is tax deductible. So, even if you’re not planning to take a full course load or pursue a degree, you should take a few classes if you’re looking for how to reduce taxes this year. You can deduct up to $4000. These tax deductions can be taken for your spouse or your kids in college, too. Not only are you learning some new skills or updating your old ones, but you’re also saving some tax money. Don’t forget that any interest you pay on student loans is deductible, too.
Get a Home Equity Loan – If you have debt, such as credit cards or a car loan and you’re trying to determine how to reduce taxes, get a home equity loan. Use the home equity loan to pay off your other debt. Not only will your home equity loan likely carry a lower interest rate, but the interest you pay on your home equity loan, like your primary mortgage, is tax deductible. Interest you pay on credit cards and car loans is not.
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How To Reduce Taxes News
Raise gas taxes - Salt Lake Tribune
 Canoe.ca | Raise gas taxes Salt Lake Tribune, United States - This price hike would reduce oil demand, which would stifle the continued, long-term efforts of the Organization of Petroleum Exporting Countries to shift ... As oil prices plummet, OPEC meets to consider another production cut |
Details of plans to tackle Calif's budget deficit - San Jose Mercury News
 BBC News | Details of plans to tackle Calif's budget deficit San Jose Mercury News, USA - Reduce K-12 education funding by $2.5 billion and funding for the University of California and California State University systems by $132 million. ... Welcome to Sacramento, and good luck Special session called Arnold Schwarzenegger warns California is almost broke |
School districts may merge in tax plan - WatertownDailyTimes.com
 WKTV | School districts may merge in tax plan WatertownDailyTimes.com, United States - The three categories call for a cap on property tax growth, a "circuit breaker" to tie property taxes to household income, and relief from unfunded mandates ... Governor accepts final report on property tax relief Tax Relief Commission Wants Property Tax Cap |
Making the Best of a Bad Year - Wall Street Journal
Making the Best of a Bad Year Wall Street Journal - So how could this New York couple avoid those taxes? They could sell their apartment and also get rid of stocks or other securities at a loss to reduce or ... |
International agencies have accused multinational companies (MNCs ... - The Citizen Daily
International agencies have accused multinational companies (MNCs ... The Citizen Daily, United Republic of Tanzania - Another way of transferring profits abroad to reduce taxes is to mis-price financial transfers such as payments of interest, royalties and licence fees and ... Poor nations warned on incentives |