Additional Tax Strategies

Consider the following list of tax reduction strategies that may not be as well known as the ones listed above.

• A Cruise Tax Deduction
• Get 100% Write-Off on Employee Lunches
• Write Off Your Clothing and Laundry Expenses
• Treat Charitable Deductions as Business Expenses
• Your Car is a Tax-Savings Machine
• IRA Double-Win Strategy
• Tax Reduction Strategies For Your Stock Portfolio
• Reduce Self-Employment Taxes By Renting From Your Spouse
• Court Makes New Dangerous Law on IRA Rollovers
• Secrets to Beating the "Kiddie Tax"
• Tricks to Deducting Meals with Your Spouse
• Obamacare Revives S Corporation Income-Shifting Strategy
• HSA Solution to Obamacare
• New IRS Optional Method for Home-Office Tax Deduction
• Protect Your Tax Deductions for Business Entertainment Meal
• Tax-Free Rental of Home to S Corporation
• How To Qualify Conventions and Seminars for Tax Deductions
• Tax-Deductible Reasons for Business Travel
• Better Deductions for Long-Term Care Insurance Costs
• 2016 Long-Term Capital Gains Tax Rate
• IRS says no Payroll Taxes on Family Employment in Single-Member LLC
• How To Find Your Best Tax-Deduction Business Entity
• Use Business Tax Deductions to Build Your Child's College Fund
• Find New Tax Deductions With Two-Car Tax Strategies
• Tax Tips for Divorce
• IRS Secretly Allows Medicare Part B as Self-Employed Health Insurance Deduction
• How 1031 Real Estate Exchanges Work
• Proving Federal Tax Deductions with Credit Card
• Maximizing Tax Benefits of Travel and Entertainment Costs
• Deducting "Commuting Expenses" With a Home Office
• Tax Deductions for "Adjustments to Income"
• Shifting Income And Taxes
• Tax Loss Harvesting
• Maximize Expense Account Deductions
• Deductions For Rent and Lease Payments
• Section 125 Cafeteria Plan
• Reasons To Take A Look At Permanent Life Insurance Plans

Post August 6, 2016

Taxes Americans Pay Every Year

A List of 97 Taxes Americans Pay Every Year!

The list below is not all inclusive, and some of the items may not apply to every individual.

• Capital gains tax
• Cigarette Tax
• Corporate Income Tax
• Federal Income Tax
• Gasoline Tax
• Liquor Tax
• Local Income Tax
• Medicare Tax
• Property Tax
• Real Estate Tax
• Self-Employment Tax
• Social Security Tax
• Sales Tax
• School Tax
• State Income Tax
• Telephone Federal Excise Tax
• Telephone federal, state and local surcharge Tax
• Utility Tax
• Vehicle License Tax
• Vehicle Sales Tax

Not one of these taxes existed 100 years ago and our nation was the most prosperous in the work, had absolutely no national debt, and had the largest middle class in the world.

A List of 97 Taxes Americans Pay Every Year

Last Updated May 13, 2015

Individual Income Tax Credits

Tax credits are more powerful than tax deductions, so be careful to take advantage of the credits that you can qualify for.  For someone in the 20% tax bracket, a $1,000 deduction would result in a $200 tax savings.  But a $1,000 tax credit would reduce your tax bill by $1,000,  five times what a deduction in the same amount would provide.

Child Tax Credit

Child and Dependent Care Tax Credit

Adoption Tax Credit

Earned Income Tax Credit

Premium Tax Credit

Retirement Savings Contribution Tax Credit

American Opportunity Education Tax Credit

Lifetime Learning Credit

Residential Energy Efficient Property Tax Credit

Qualified Plug-In Electric Drive Motor Vehicle Tax Credit

See related post detailing small business tax credit.

Post dated April 21, 2015