Taxes Made Easy!
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About this ebook
Individual Tax Saving Ideas 8
Tax Saving Measures For Business 13
The Tax Audit 17
The Ins And Outs Of Federal Payroll Taxes 19
Why People File Taxes Online 21
What Are Your County Property Taxes Used For? 23
Offering Personal Financial Advice -Ameriprise Financial Services 25
Using Free Tax Preparation Software 28
Consulting Tax Attorneys – Tax Law Specialists 30
Delinquent Property Taxes- Three Steps To Deal With Your Delinquent Property Taxes 31
Federal Income Taxes – How To Deal With Federal Income Taxes? 33
File State Taxes- E-File System Is The Best Way To File Your State Taxes 35
Filing Income Taxes- How To File Income Taxes? 38
Financial Planning Software- Nine Benefits Of Financial Planning Software 40
Free Taxes- Benefits Of Filing Free Taxes Online 42
Income Tax Forms- Three Must To Follow If You Desire To Fill Your Income Tax Forms Yourself 44
LLC Tax Savings- How To Avail LLC Tax Savings 46
Benefits Of Online Tax Forms Over Traditional Methods 48
Save On Taxes By Refinancing Your Mortgage 50
Save On Taxes By Spending Less On Credit 52
Save On Taxes By Investing In Life Insurance 54
Save On Taxes: Hot Tips 56
Save On Taxes With Tax Deductions 58
Federal Tax Law 2005 For Nonprofit Organizations 60
Understanding California State Taxes 62
Make Your Personal Finances Work for You 64
The Importance of Acquiring a Financial Planning Certificate 66
Social Development and Financial Planning 68
An Overview Of Hennepin County Property Taxes 70
Kentucky State Taxes 72
Maryland State Taxes 74
Ohio State Taxes 76
UBS Financial Services For Small And Large Business 78
What Is A VP Financial Planner? 80
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Taxes Made Easy! - Jeannine Hill
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Contents
Individual Tax Saving Ideas ....................................................................................................................... 8
Tax Saving Measures For Business........................................................................................................ 13
The Tax Audit ............................................................................................................................................ 17
The Ins And Outs Of Federal Payroll Taxes ........................................................................................... 19
Why People File Taxes Online ................................................................................................................. 21
What Are Your County Property Taxes Used For?................................................................................ 23
Offering Personal Financial Advice -Ameriprise Financial Services................................................... 25
Using Free Tax Preparation Software ..................................................................................................... 28
Consulting Tax Attorneys – Tax Law Specialists .................................................................................. 30
Delinquent Property Taxes- Three Steps To Deal With Your Delinquent Property Taxes ................ 31
Federal Income Taxes – How To Deal With Federal Income Taxes? ................................................... 33
File State Taxes- E-File System Is The Best Way To File Your State Taxes ....................................... 35
Filing Income Taxes- How To File Income Taxes? ................................................................................ 38
Financial Planning Software- Nine Benefits Of Financial Planning Software .................................... 40
Free Taxes- Benefits Of Filing Free Taxes Online ................................................................................. 42
Income Tax Forms- Three Must To Follow If You Desire To Fill Your Income Tax Forms Yourself 44
LLC Tax Savings- How To Avail LLC Tax Savings ................................................................................ 46
Benefits Of Online Tax Forms Over Traditional Methods..................................................................... 48
Save On Taxes By Refinancing Your Mortgage..................................................................................... 50
Save On Taxes By Spending Less On Credit......................................................................................... 52
Save On Taxes By Investing In Life Insurance ...................................................................................... 54
Save On Taxes: Hot Tips .......................................................................................................................... 56
Save On Taxes With Tax Deductions...................................................................................................... 58
Federal Tax Law 2005 For Nonprofit Organizations .............................................................................. 60
Understanding California State Taxes .................................................................................................... 62
Make Your Personal Finances Work for You ......................................................................................... 64
The Importance of Acquiring a Financial Planning Certificate ............................................................ 66
Social Development and Financial Planning.......................................................................................... 68
An Overview Of Hennepin County Property Taxes ............................................................................... 70
Kentucky State Taxes ............................................................................................................................... 72
Maryland State Taxes ............................................................................................................................... 74
Ohio State Taxes ....................................................................................................................................... 76
UBS Financial Services For Small And Large Business....................................................................... 78
What Is A VP Financial Planner? ............................................................................................................. 80
Page 7 of 7
Taxes Made Easy!
Individual Tax Saving Ideas
Saving money is always a good thing.
But when it comes to your taxes, it can seem like you're stuck paying the amount you are told to pay. However, this is simply not the case.
While the tax code is rigid and there are a lot of rules to follow, the truth is that many people don't take the time to learn how the rules work and how they can work to their advantage.
Often, there are rules that can help to lower your annual gross income so that you're not only lessening your taxes, but also getting a larger return for that vacation you've always wanted to take.
First of all, what you need to realize is that there are two different kinds of deductions that are listed in tax law – deductions and tax credits
Deductions are those costs that are subtracted from your gross income on the front side of a tax form before anything else is taken off. These help to lower your tax bracket first along with the standardized deductions that everyone has on their forms.
Tax credits are those deductions that come directly off of the amount you are to be taxed.
Obviously, these are much more significant and will help to dramatically lower your owed taxes.
When you look at a basic 1040 form, which the usual form that most individuals use, you will
notice that on the front of the form, you can take deductions for the following:
Exemptions
That is, those people who are dependent on you. You get a tax break for them. This is
generally going to be one or two if you don't have any children (single or married correspond with one and two).
Page 8 of 8
Taxes Made Easy!
You might also reduce the taxes you owe at the end of the year by reducing the exemptions you claim on your initial W-2 form.
Instead of claiming '1,' you might want to claim '0.' This maximizes the amount of taxes that are taken from your paycheck.
There are also standard deductions that everyone can take. Some of these include (for the
2007 tax year):
· Single deduction: $5350
· Married, filing separately deduction: $5350
· Married, filing jointly: $10700
· Head of Household: $7850
· Widow(er): $10700
Each year these deductions seem to go up and help ease the burden of taxes on everyone in
some way.
These deductions will go on Schedule A to help reduce your gross income:
Medical deductions
If you have a lot of medical expenses, you will want to keep receipts and make sure to enter in the totals here. What can and can not be included in this total varies per year, so you will want to check with the IRS to see what the current rules are. These costs can not be something that was reimbursed by your health insurance company or by another else.
Taxes that you already paid
If you already paid estimated taxes, you will want to make sure that you are listing that total.
This can be money that you sent the IRS to help with this section or it can be associated with a business.
Page 9 of 9
Taxes Made Easy!
Home mortgage interest and points
If you own a home, you can reduce your income by adding in the interest that you paid on your mortgage. This is taken off along with any points associated with your mortgage value.
Charitable contributions
The trick with charity is that you really do have to give a lot in order to make a difference on your taxes.