Several terms, such as tax planning, tax saving, tax avoidance and tax evasion, are often used in taxation issues. Tax planning is where the taxpayer organizes his affairs in such a manner as to reduce legally his liability towards income tax. This type of tax planning is sometimes referred to as ‘tax avoidance’, though the [...]

However you work your taxes – the old-fashioned way, utilizing software packages or hiring a professional – it is more than worthwhile to be aware of the income tax deductions and credits which can save you money.
According to the Internal Revenue Service, the biggest claimed value comes from personal exemptions, which in 2005 came to [...]

If you’ve ever stooped through a short door or tried to reach a book off the top shelf you know how uncomfortable it is to be the wrong size. The same thing is true with taxes – many tax benefits are only available to families and individuals whose AGI (adjusted gross incomes) or MAGI (modified [...]

What’s the difference between a taxidermist and a tax collector? According to Mark Twain, “The taxidermist takes only your skin!” Many Americans would agree with him – tax bills often seem unreasonably high. Fortunately, there are many completely legal ways to reduce your taxes and keep more of your hard-earned money for yourself and your [...]