what are some of the methods I can use to reduce my income taxes?
148574
Have you already contributed to a retirement plan?  Contributions to a traditional IRA can reduce your taxable income.  The catch-22; once depositing it into an IRA, it will need to remain as retirement funds until retirement or you may pay big penalties to take distributions of the funds.
1177795
Use a Schedule A on a 1040.  Not 1040EZ or 1040A.  Add up all your medical bills and health insurance premiums.  \n\n1)Multiple that amount by 7.5% of your AGI (last line of 1st page of 1040).  \n\n2)Add your real estate interest, your real estate taxes, personal property taxes.\n\n3)Add up everything you gave to charity.\n\n4)Add up your casualty and theft losses (MUST use form 4684).\n \n5)Add up Job expenses and other misc expenses (use form 2106).  Multiple that amount by 2% of your AGI.\n\nIf those amount equal over a certain amount, use can deduct the property tax on your fedal return.\n\nFor 05, I think those amounts are $10K MFJ\n$7500 HH or QW\n$5K S or MFS\n3)
921246
Estimate $10,000 for taxes, first of all. (I think if you get it all at once, you're in something like a 50% tax bracket that year?)\n\n1. Get out of debt completely -- consolidation loan, student loans, car. (about 24,000)\n\n2. Buy a house and furnish it. \n\n3. Buy my mother a house. \n\n4. Go on a huge shopping spree and buy out Barnes and Nobel and Best Buy. \n\n5. Send $1,000,000 to my sister, who just had her 2nd baby and is going a bit nuts. \n\n6. Donate $1,000,000 each to the Road Home (homeless assistance), my favorite environmental charity, and my favorite religious charity. (Hey, $3,000,000 tax write-off, too.)\n\n7. Max out my 401k for this year (15,000)\n\n8. Start an IRA and max that out. ($4000, I think)\n\n9. Invest 25% of the rest in the stock market.\n\n10. Put $50,000 aside for an emergency fund. \n\n11. Put the rest into savings.
271431
Honestly there is no way online. If you do find something then you will have to pay out money at the beginning plus have to pay your own taxes out of your checks. ( No money taken from your checks meaning you set money back for the end of the year)
269629
I highly recommend getting professional tax help like H&R Block.  If you have problems, they can become much more difficult if you don't have someone who is not personally involved and can think logically and clearly and who has dealt with the IRS/State tax agencies.  Getting emotionally involved only exacerbates the problem.  It may cost a bit to get the help, but it may end up saving you big $!
773834
What would you gain by selling it just to lose money and end up with a higher interest rate and no vehicle? Keep it and get a second job closer to home, or at least midway to the first one.  That way you can deduct on your income taxes the commuting expense from the first job to the second.  leastaways, you used to be able to do that... better check; the tax Nazis change these rules all the time.
108540
i think you can file using a substitute w2 form but to be 100% sure you can call the IRS help line found in the 1040 instruction booklet.
149811
Go to www.taxact.com.  They let you prepare your taxes free.  You can see what your return will be before you finish filing.  If you can't afford the amount you owe, the IRS will generally allow a payment plan; you'll end up paying more due to interest and fees, but you'll at least stay out of hot water with them.
952578
You can give yourself as much time off as you want. You can also pay yourself whatever you want while you're not working... just remember to declare it accurately to your accountants and the tax office.
88451
I would have your taxes prepared by a professional this year. It will help you with this unusual situation. Try H&R Block, if you don't want to use them, perhaps they can just answer the question over the phone.
857438
If the adult qualifies as a dependent you will get one additional exemption.  In 2006 that will reduce your taxable income by $3,300.  What that will mean in terms of your refund will be dependent on all of the other factors in your return which you did not make available.
243177
I really feel sorry for you. You made $272,000 and you want to reduce your taxes by claiming the clothing you donated?? First of all, you must have a receipt for any donations over $25 or over a total of $250 for small donations. That still isn't going to reduce your taxes by much. And it's too late to do anything about last year's income, anyway. Here's what to do this year. Give a lot more money to charity... and get a receipt.
872613
i think the word youre looking for is "exemptions", the more exemptions you have the less taxes will be withheld from your salary, and the higher the net check will be.  you fill out this info on the form w-4 when you start a job.  if you feel that they are taking too much/too little out you can change this with your human resources dept.\nalso if you do have dependants this will help reduce your taxes, but do not make up imaginary children b/c you will get caught.
769197
I love these optimistic answers that tell you your friend can get a good refund if she has a mortgage deduction. How could she buy a house on $18,000/ year? It'd be a 1 room shack! LOL\n\nSo, being realistic- she can up her withholding and let Uncle Sam "keep it for her" at NO interest or increase her deductions. \n\nEasiest way I know of is start a business on the side. Sell cosmetics, give music lessons, tutor students, sell stuff on ebay, whatever. \n\nThe first year is often a loss due to start up costs so this will reduce your net income. Lower net income = less tax.
103681
I have found the following website to be low cost & useful for a standard w2, in my experience:\n\nhttp://www.taxslayer.com
696746
Does your state have an income tax?  That also qualifies as a deduction.  Do you take a medical or a child care pre-tax allocation?  That can also reduce your AGI another $10k.  Do you have interest income, dividends - sell or buy stock?  Did you contribute to an IRA?\n\nIf NONE OF THE ABOVE - just $100k - $25k, then tax bill is about $9500 - divide by # of paychecks.
250896
do an internet search for tax deductions. there are too many to list