TaxDeductions

How Thousands of Wealthy People Pay No Taxes (It's Totally Legal)

Debate all you like about whether the rich pay their fair share in taxes, but this is certain: Some high earners pay no taxes at all. A recent IRS study found that 35,000 U.S. taxpayers earning $200,000 or more paid no income tax in 2009. Curious how they pulled it off? Read on...

How to 'Cheat' on Your Taxes ... Legally!

Nobody likes paying the IRS, and we all wish there were just a few more deductions we could swing without arousing the taxman's ire. And there are: Here are a few deductions that, while they might seem to be a little out of bounds, are totally legal.

Get Your Taxes Done: Filing Early Has Real Advantages

Procrastinating on our taxes until the last minute is as American as apple pie. But before you resign yourself to running out to the post office at 11:59 p.m. on April 17, you should be aware of the benefits of getting your taxes done early.

More Crazy Tax Deductions: What Worked, What Didn't

From hip replacements to pole dancing classes, here are some of the most outlandish deductions taxpayers have ever attempted to claim. You won't believe what these people tried that their accountants said wouldn't fly -- and you really won't believe what did (literally).

Tax Audit Horror Stories: When the IRS Attacks

It's the nightmare we fear when we file our tax returns: an IRS audit. Huge inconvenience, rejected deductions and a hefty bill. Here are three tales of those who have been under the microscope, and some advice on how to avoid -- or survive -- the tax man's fierce scrutiny.

Ensure Your Charitable Gifts Give Back to You at Tax Time

If you gave money to charity last year, you're in good company. Charities received more than $290 billion in gifts in 2010. But as April 15 approaches, you'll want to know how your giving can score you a bigger tax refund. Here's what you need to know.

Tax Reform in This Election year: It's Not Likely

Tax reform sounds like a good idea to lots of people, but where to start? Eliminate the popular deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax? Not likely. Politicians of all stripes in this presidential election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans would lose some of their prized deductions.

Truly Crazy Tax Deductions: Claims You Won't Believe

As we've struggled with our tax returns, trying to come up with extra deductions, we've all taken a few flights of fancy. Most of us decide not to push our luck. But some people have successfully claimed write-offs for things that most of us wouldn't dream of claiming.

The Most-Often Overlooked Tax Deductions

Years ago the fellow who was running the IRS at the time told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of the money-savers listed here.

How to Use Life Insurance to Donate to Charity

When most of us buy life insurance, we're thinking about one thing: Making sure our families are taken care of after we're gone. But in this season of giving, you might also want to think about setting up a policy to take care of your favorite charity.

10 Most Overlooked Tax Deductions

Years ago, the fellow running the IRS told Kiplinger's Personal Finance magazine that he figured millions of taxpayers overpaid their taxes every year by overlooking just one of these deductions. Don't be one of those millions: Read on, and find out how to cut your tax bill to the bone.

4 More Smart Tax Moves for the Holiday Season

Thanksgiving's still two weeks away: You're getting ready for Black Friday, not April 15. But all those one-day deals pale next to what you could save on your taxes by taking a few smart steps before Dec. 31. In part two of this report, we offer four more ways to help your bottom line on April 15.

4 Holiday Season Tax Moves That'll Pay Off in April

With Thanksgiving still three weeks away, taxes are probably the last thing on your mind. Still, much as you might groan at the thought, there are some smart steps you can take between now and Dec. 31 that will make a real difference when it comes time to deal with the IRS next spring.

The Child Care Tax Break Many Parents Overlook

Thanks to confusing and often misunderstood rules surrounding child-care tax breaks, the author has overpaid Uncle Sam to the tune of $1,000, missing out on $200 in tax savings each year for the past half-decade. Read on to avoid her mistake -- unless you enjoy filing mounds of amended returns.

Top Five Tax Resolutions for 2011

While the pains and pressures of this year's tax season are fresh in your mind, give some thought to next April 15. Here are five tips from the personal finance pros for making next year's tax filing season less stressful and more monetarily rewarding.

Are you an unwitting tax cheat?

With just over a month to go until the April 15th tax deadline, the IRS is ramping up efforts to get the message out to taxpayers about the...