Welcome to tax saving Guide
The Savings Exempt Income Tax Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
Reduce Your Taxes This Year
from:We’re all looking for ways to save money. And, one of the best places to look for savings is in your taxes. There are lots of ways to reduce your taxes; so make sure that you’re taking advantage of each and every one that’s available.
Reduce your taxes by making your home energy efficient. When it’s time to make home improvements, be certain that you’re making energy efficient ones. Not only will buying, let’s say, an energy efficient hot water heater save you money on your utility bill each month, but if you purchase a hot water heater that is Energy Star rated, you’ll reduce your taxes in the year you purchase it, as well. Energy Star is a government program for rating the energy efficiency rating on products. So, be certain when you purchase large appliances, or other things like replacement windows, that they come with the energy star rating. Save your receipts and use them when you file your taxes to figure the deduction. The deduction is typically 10% of the cost of the appliance; for replacement windows the maximum deduction is $200.
Make your home solar - You to claim a credit for 30% of the cost of installing solar water-heating, photovoltaic, or fuel-cell equipment in your home, up to $2,000 total. No credit is allowed for equipment used to heat a swimming pool or hot tub. Again, this is a great way to reduce your energy expenses month after month and reduce your taxes.
Buy a hybrid car – You can reduce your taxes by purchasing an energy efficient car, like a hybrid. There are tax credits available for a variety of fuel efficient automobiles. Check out the credits before you buy – in some cases you can qualify for over $3000 in tax credit. In addition, you’ll save money on fuel each and every month that you own the car, and you’re doing the environment a favor, too.
Take a look at your stock portfolio – If you have some stocks that have tanked since you purchased them, now’s the time to sell them. When you sell stocks at a loss, you can deduct the loss from your taxes. And, when your stocks are doing well, you’ll reduce your taxes when you sell them by holding on to them long term. Long term capital gains taxes on stocks are around 15%, while short term capital gains taxes can be up to 30%. So, if you’re thinking of selling a good stock, be certain to check on how long you’ve held it.
The Savings Exempt Income Tax News
Liberty Tax Advises that There’s Still Time to Cut Your 2008 ... - PR Inside
www.libertytax.com - The tax savings you reap in 2009 will depend on any additional tax cutting measures that you can take before the end of 2008, advises Liberty Tax Service. Take the time to review and organize your tax records and identify more ...
Read more...After the gain comes the pain - Guardian Unlimited
Alistair Darling yesterday promised to spend Britain's way out of a recession with a £20bn package paid for by a surprise rise in national insurance contributions from 2011 that will cost middle- to high-income earners as much as £550 a year more ...
Read more...What the budget means for you - Belfast Telegraph
There is some good news for low-income families from the Chancellor's speech. From 2010, eight million of the lowest-earning households will benefit from the Savings Gateway scheme which matches every pound they save with 50p from the Government ...
Read more...Capital gains tax - This is Money
You may have to pay capital gains tax on any profits over a set allowance when you sell assets such as shares or property. The main exception to this is gain made from the sale of your home - gains are tax-free provided it was your main residence ...
Read more...Creating a year-end financial checklist needed added task - Fort Worth Business Press
Now that we’re in the holiday season, you probably have much to do. Still, you may find it worthwhile to take on one more task: drawing up a year-end financial checklist. What should go on your list? Consider the following: • Sell your losers ...
Read more...