Mi Casa, Su Casa | Chomp | Testosterone Tasks | Vim & Vigor | Gear | Refer-A-Friend
Check out the new book! | Porch Talk | Cash Money | Emil Post | Show Off
more cash money
» Cheap Travel Part 1
» Look Rich, Live Cheap
» Uncle Sam Savings
» Bargain Books
» How To Deal

» cash money archives

Uncle Sam Saving Strategies
By Stephanie Mantello

Intro | Deductions | Donate | Party

Tax day may be more than a month away, but with some planning ahead you could find yourself in great tax shape come April 15. Any financial move you make by December 31 affects your taxes this year, so check out these simple ideas for minimizing your taxes and you'll really have something to celebrate this New Year's Eve!

Get organized
Create a system for managing paperwork for your tax return today. Simply label a folder or large envelope “Taxes 2003” and file all forms, receipts, W-2s, and articles about new tax laws in your tax file. Keep everything together and you won't be scrambling to find important paperwork next spring!

Itemize
Me, itemize? I can't even keep track of my shoes! It may sound intimidating, but one third of all tax payers itemize and it's really quite simple!

Income taxes are based on the following principle:

Income – Deductions = Taxable Income

So the more deductions you can take, the less your taxable income and therefore, the less your tax bill.

First, figure out if you can itemize. If the amount of your itemized deductions is greater than the standard deduction, itemize. You will find a worksheet for this in the IRS 1040 Form.

next >



tell it to the 'tat

Got a great idea? Know something we don't know? Or maybe there's something you want to know? Write it up. Let us know. Submit an article, an idea or a plain old question. Let the cohabitation begin.