• Basic of Taxes


    Do-It-Yourself Tax Savings All Stages of Life

    Once you take advantage of every possible tax-saving opportunity on your 2007 tax return, we can let you in on a dirty little secret: The best chances for savings come before you put pen to paper ... through the actions you take throughout the current tax year. Find out the moves to take this year that can increase your tax savings.

    Tax Savings for Young People
    By keeping track of moving expenses, using a Roth to save for your first home and timing your wedding, you can save come tax time.

    Tax Savings for Single People
    Reduce the amount you owe to Uncle Sam by adjusting your withholding, switching to a Roth 401(k) and making IRA contributions sooner rather than later.

    Tax Savings for Young Families
    Take advantage of your flex account, save for college in a 529 plan and hire your children to lower your tax bill.

    Tax Savings for Domestic Partners
    Qualifying couples in California, Connecticut, the District of Columbia, Massachusetts, New Jersey, and Vermont may file joint state tax returns, but this new right comes introduces unanticipated complications.

    Tax Savings for Older Families
    Time claiming Social Security benefits, keep careful records of medically necessary improvements to your home or car, and tote up out-of-pocket costs of doing good.

    Tax Savings for Affluent Families
    Stash cash in a self-employed retirement account, be creative with your generosity and think twice about selling stock for a profit if you're subject to the AMT.

    Tax Savings for Older Affluent Families
    For tax savings, convert a vacation home to your principal residence, give an IRA to charity and double your family's estate-tax break with a by-pass trust.

    Tax Savings for Empty Nesters
    Roll over an inherited 401(k), help your children earn a credit for retirement savings -- and rack up tax savings in the process.

    "Six Strategies to Help Retirees Reduce Taxes"

     

 

 


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Greg Mcmullen is registered representative of and offering securities and advisory services through Foresters Equity Services, Inc a Registered Broker / Dealer/Member FINRA, SIPC / and a Registered Investment Avisor
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