- Tax Planning
- Introduction
- Understand What Our Leaders Have Said Regarding Taxes
- Understand How Tax Planning Can Help You Attain Your Personal Goals
- Understand the Tax Process and Tax Strategies to Help You Lower Your Taxes
- Understand How to Minimize Tax Payments for a Given Level of Income
- Understand How To Be More Efficient With Your Taxes
- Understand the Major Tax Features of the US Tax System
- Summary
- Assignments
- Investments 1: Before you Invest
- Investments 2: Your Investment Plan
- Investments 3: Securities Market Basics
- Investments 4: Bond Basics
- Investments 5: Stock Basics
- Investments 6: Mutual Fund Basics
- Investments 7: Building Your Portfolio
- Investments 8: Picking Financial Assets
- Investments 9: Portfolio Rebalancing and Reporting
- Retirement 1: Basics
- Retirement 2: Social Security
- Retirement 3: Employer Qualified Plans
- Retirement 4: Individual and Small Business Plans
- Estate Planning Basics
1. Maximize Your Deductions
It is important to understand which deductions the government allows. By maximizing your deductions you are reducing your taxable income, the amount on which your taxes are based. Suggestions for maximizing your deductions include the following:
- Use your home as a tax shelter.
- Shift and bunch your deductions to get the maximum benefit in a specified year.
- Continue to give, with tithes and offerings. While you do not give solely for a tax deduction, since you are already giving, you might as well get the tax deduction. Keep good records of all charitable contributions, including mileage and any in-kind donations to charities.
- Keep good records of all charitable contributions, including mileage and any in-kind donations to charities.
- Keep good records of health and moving related expenses.
