Difference between revisions of "Smart Income Tax Saving Tips"

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Revision as of 23:32, 21 October 2024

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If you and your spouse each put five thousand dollars in your 401k account, that would reduce your annual taxable income by ten thousand dollars. Which means that your adjusted gross earnings are $66 thousand. That will yield a substantial tax economic. Another significant tax break comes to you when you purchase a house -- and itemize each of your deductions.

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For my wife, she was paid $54,187, which she is not taxed on for Social Security or Healthcare. This lady has to put 14.82% towards her pension by law, making her federal taxable earnings $46,157.

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Canadian investors are be more responsive to tax on 50% of capital gains received from investment and allowed to deduct 50% of capital losses. In U.S. the tax rate on eligible dividends and long term capital gains is 0% for people in the 10% and 15% income tax brackets in 2008, 2009, and '10. Other will pay will be taxed at the taxpayer's ordinary income tax rate. That generally 20%.

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