User: What is the meaning of taxes owed?

Weegy: Tax owed is the amount of money you owe the government, in form of taxes. Most income is taxable.
Auto answered|Score .5503|sharpies|Points 2625|

User: Ways to save money on your federal income tax

Note: Plan Ahead. 4 Tax Strategies You can Use:

Note: 1. The best tax deduction you have is the interest and property taxes on your primary residence. It is also one of the best investments you can make providing you are willing to keep the property in good shape. [ For your house to appreciate, you need to buy a house in a descent neighborhood with good schools and a low crime rate. Ask people who own houses about their neighborhoods and how much appreciation in value they have experienced. Most homeowners love to talk about both subjects! (First-time home buyers may be eligible to take the mortgage interest credit.) ]

Note: 2. Another good deduction is the interest on home equity loans. (**Warning * * This is not a good idea for people that have difficulty paying off their debts. [ Failure to pay on an equity loan could result in the loss of your house.) If you own a house, you should not be carrying any long term credit card debt (the interest rate is way to high and not deductible). You should get a home equity account and borrow money against the equity loan and not your credit cards. You can generally deduct up to $100,000 of equity loan interest in addition to your first mortgage interest deduction. You cannot deduct credit card, car loan, or personal loan interest unless you have a business (the interest must be from business debts). ]

Note: 3. Give and you will receive a nice Charitable Contribution Deduction. [ Give away all the unused items (notice I didn't say "junk") collecting dust in your attic, basement, and closets and receive a nice tax deduction along with the relief of getting rid of the stuff. Make an itemized list of what you are donating and the thrift shop, or fair market value of the items. Get a receipt from the charity and staple it to your itemized list. Total your itemized list and save it somewhere safe until tax time. You can donate old cars too. Several organization will take old cars as donations and some will even tow them away. (See Publication 17, Your Personal Income Taxes, and Pub 526 Charitable Contributions for more details.) ]

Note: 4. Put money in a Keogh or Tax Deductible IRA. Money you contribute to these accounts is not taxed. Not only does this make good tax sense, but it is the best way to save money. [ Hey the government is contributing what would have been taxed to your Keogh/IRA account by excluding your donations from income tax. What could be better than that? ]

Weegy: source:[www.infohq.com/CPA/SavOnTaxes.htm]
Expert answered|piash|Points 788|

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