Income Tax Breaks – Ways To Pay The Least Amount Of Tax

There are many provisions in the tax code that allow for paying less taxes under the law. If your income is lowered, then you will pay less tax. The greater your credits and deductions, the less tax you will have to pay.

Most Commonly Over Looked Tax Deductions For Income Tax Breaks

  • State sales taxes
  • Reinvested dividends
  • Out of pocket charitable contributions
  • Student-loan interest paid by Mom and Dad
  • Job hunting costs
  • Moving expenses to take your first job
  • Military reservists’ travel expenses
  • Health insurance deduction to reduce self-employment tax
  • Child care credit
  • Estate tax on income in respect of a decedent
  • State tax paid last spring
  • Refinancing points
  • Jury pay turned over to your employer
  • American Opportunity Credit
  • Making Work Pay credit
  • Credit for energy saving home improvements
  • Additional bonus depreciation
  • Break on the sale of demutualized stock
  • Home buyer credit
Disclaimer: The information on these pages are not meant to be complete information or tax advice. They are just to alert you as to the possibilities that exist for tax reduction. Always consult a tax guide or experienced advisor for complete updated information.

Make sure you take advantage of all of your income tax breaks!  Call us at 713-774-4467 for help preparing your tax returns or for any other IRS tax matter.