Houston Income Tax

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.