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How to Pay the Least Amount of Income Tax

  1. Five Ways to Lower Your Income Taxes
  2. Five Ways to Lower your Property Taxes
  3. How Can You Get A Property Tax Refund?
  4. How To Avoid Paying Capital Gains Tax?
  5. How To Lower or Avoid Paying Capital Gains Taxes on Property
  6. How To Maximize Your State Income Tax Refund
  7. How to Reduce Your Personal Property Tax
  8. Steps You Need To Take To Get A Property Tax Reassessment
  9. What Are Capital Gains Taxes?
  10. What Are Lifetime Learning Credits (Tax)?

Paying taxes is sometimes the least enjoyable and most dreaded task anyone has to make constantly in their lives. Though it makes an individual a certified member of their dwelling place and state, it is an act that some are burdened by. One has to constantly remember that paying taxes is for the betterment of their state and community to be able to be obliged to pay their taxes. Some also wish for an easier tax payment and maybe the solution on how to pay the least amount of income taxes. Here are some easy to hard ways on how to make this possible.

It is important to pay lots of attention in tax consequences. It is common knowledge that rising income also means rising tax dues, and basically the only way to avoid high income taxes would be having a low salary which nobody really prefers to have. It is vital to look for legal tax reduction options that are plausible and can be done without risking too much. Does the company an individual who is interested in lessening their tax work for offer a flexible spending account for medical expenses? They should by all means take advantage on those, as they can possibly reduce a significant amount on the income tax one has to pay. A good option will also be contributing and participating in a retirement plan account or an individual retirement account (IRA) such a 401k plan. Being self employed can also lessen the amount one has to pay in income taxes. They could also invest in municipal bonds, funds, annuities and life insurances. Downsizing their homes can also be an option, though quite a drastic one. One can rent and invest the income from the home sold and store it there for a long period of time in order to avoid tax and gain more money. Another drastic option for someone who has a trifling need to reduce the amount of income taxes they pay is relocating to another state that requires the least payment of federal and income taxes. Some even do not require taxing personal income. States such as Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming do not tax an individual's personal income. However, they all have other existing taxes such as corporate and sales taxes. State government services also will tend to be a little on the unsatisfactory side as there are no taxes to support them. Some tax-friendly cities in these areas are Anchorage, Cheyenne, Jacksonville and Las Vegas, which all only has a tax burden below 5%.

It is quite difficult to master how to pay the least amount of income taxes. One just has to be aware of their expenditures and the money they earn. Learn to find effective tips, techniques and strategies that will greatly aid in lessening the amount of income taxes. It could greatly help to learn how to micro manage funds and let the money multiply by itself. It's a long stretch, but with enough knowledge, it might just be possible.

Andy
Taxes are a pain, but they need to be paid. I know you can alter the amount the IRS take out of each pay check, but I'd let it take out as much as they need, this way you don't have to pay any back taxes. :)
Andy at at 07:35PM, 2011/07/19.
Andy
I hate paying taxes, but when it helps the community and state, I have to be for it. You can always make sure to not have them take out a certain amount of money, but I'd advise to let the IRS take out as much as they need, well enough that you feel comfortable with.
Andy at at 07:37PM, 2011/07/19.

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