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6 Ways Singles Can Cut Their Taxes

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Single people don't enjoy the financial support or security that a spouse can provide. That makes it all the more important to make smart financial decisions to minimize your taxes. Here are six tax tips for singles:

Selena Maranjian is a Motley Fool contributor. Follow her on Twitter.

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Cities with the Lowest Tax Rates

The total amount of tax you pay reaches far beyond what you owe the federal government. Depending on where you live, most likely you're required to pay additional taxes, including property and sales tax. The disparity between the amount of tax you pay in a low-tax city and that in a high-tax city can be dramatic. Living in any of these 10 cities could save you a bundle, although the exact amount may fluctuate based on your income and lifestyle choices.

Cities with the Highest Tax Rates

Much ado is made in the press about federal tax brackets, but cities can carry a tax bite of their own. Even if you live in a state that has no income tax, your city may levy a variety of taxes that could eat away the entire benefit of living in an income tax-free state, including property taxes, sales taxes and auto taxes. Consider all the costs before you move to one of these cities, and understand that rates may change based on your family's income level.

Great Ways to Get Charitable Tax Deductions

Generally, when you give money to a charity, you can use the amount of that donation as a deduction on your tax return. However, not all charities qualify as tax-deductible organizations. While there are many types of charities, they must all meet certain criteria to be classified by the IRS as tax-deductible organizations. There are legitimate tax-deductible organizations in many popular categories, such as those listed below.

A Freelancer's Guide to Taxes

Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner. While you can take additional deductions if you are self-employed, you'll also face additional taxes in the form of the self-employment tax. Here are things to consider as a freelancer when filing your taxes.

Tax Deductions for Voluntary Interest Payments on Student Loans

Most taxpayers who pay interest on student loans can take a tax deduction for the expense ? and you can do this regardless of whether you itemize tax deductions on your return. The rules for claiming the deduction are the same whether the interest payments were required or voluntary.

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This piece wasn't real helpful. Most single people that I know of live paycheck to paycheck. If you start itemizing that just makes the IRS nasty towards you. Also single people are people who NEVER married and don't usually have kids, are on their own with no help from anybody.We stand alone, for better or worse. Of course the problem is a government who believes that single people can live off of air and don't have the right to have a prosperous life, couple that with employer's who have told me that even though I was in line for a promotion I didn't get it because so and so had a family to support and I didn't. It just seems like the whole world wants to punish you for not being married and making babies. I shudder every time more tax breaks are given to married people or people with children, because that means mine are going up. I don't want to get married, but may have to if I want a good retirement. I don't know if a marriage of convenience is against the law but I have considered it at times. I'll probably marry some bum off the street before I die just so my social security doesn't go to waste.

April 02 2014 at 12:19 AM Report abuse rate up rate down Reply

None of them pertain to me.

April 01 2014 at 2:38 PM Report abuse +1 rate up rate down Reply

A person who is divorced should not refer to themselves as "single,' but 'divorced.' As someone who has spent his entire life unmarried, I get tired of people on dating sites, etc., who call themselves single, when they have actually gone through marriage. Our English language has advanced far enough to where we have enough words to more-specifically define ourselves, without hiding behind vague or incorrect terms.

April 01 2014 at 2:35 PM Report abuse +1 rate up rate down Reply
1 reply to cincyburb01's comment

I know, I'm sick of it too. A single person is one who stands alone with no help and gets stuck paying a lot more in taxes because we are supporting everyone else's kid to go to school and welfare too. Singles get taxed at a higher rate and yet as a group we are not entitled to hardly any government programs if we are down on our luck. It's just tough cookies then. I just made it a point to live as simply as I can and I have made it my mission in life not to pay more taxes. I took a job that reduced my income by 10,000.00 a year. That really helps because otherwise that income would have cost me 12 to 13,000.00. a year. It's horrible to think that the money you earn is only a loan that you will have to pay back to the government. Watch your own back, because being single, no one else will, especially the government, they'll take all you earn and then tell you "it's for the children" like that's supposed to make it better. Of course us true, single, alone people are in the minority and we don't have a huge voting bloc so things are only going to get worse for us instead of better. There were times in my life when I thought of a marriage of convenience, still may do it. I'll have to crunch some number's. Also if you're single and die, you can't leave your social security to anyone though you slaved for it all your life. If I know I'm going to die, I'm going to grab any bum off the street and marry them just so someone can get the benefits I worked all my life for, government is NOT going to get away with taking my money!

April 01 2014 at 11:44 PM Report abuse rate up rate down Reply

1. Don't pay them. You won't have to worry about them for long. You'll have lots of time on your hands.

April 01 2014 at 12:57 PM Report abuse rate up rate down Reply