What are some ways you can ethically save some money on your taxes? What are some things you should avoid?

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Asked 11/26/2010 6:30:42 PM

Updated 163 days ago|5/30/2025 10:36:44 AM

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User: What are some ways you can ethically save some money on your taxes? What are some things you should avoid?

Weegy: Go green and save some green. You can get tax credits under the Energy Policy Act for reducing your home’s energy use. To find out what qualifies, go to energystar.gov. 2. [ As long as you itemize, nearly all of your medical expenses can be deducted, from prescription drugs and doctor visits to surgery. See the full list of medical deductions at irs.gov to make sure you're not forgetting anything. 3. You already know you can deduct charitable donations, but don't forget any ticket you've purchased that had a "suggested donation." You can also write off out-of-pocket costs you incur while doing charitable work, like the ingredients used in a dish you regularly prepare for a soup kitchen. 4. Certain costs for managing your money that top two percent of your annual gross income are deductible, like safe-deposit box fees, calls to your broker, tax-prep fees and subscriptions to investment journals. 5. Still paying for that pricey diploma? Student loan interest is deductible, even if you don't itemize. 6. Send in next January's mortgage payment early--if you make the mortgage payment in the current tax year, you can deduct the interest this year. 7. Chin up, unemployed college graduate. If your job-hunt leads you to relocate for your first job, keep track of your receipts as you pack up. Your moving expenses are deductible. ]
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Asked 11/26/2010 6:30:42 PM

Updated 163 days ago|5/30/2025 10:36:44 AM

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Whitecæt

You can ethically save money on your taxes by claiming eligible deductions, credits, and contributing to retirement accounts, but you should avoid underreporting income, inflating deductions, or hiding money in unreported accounts.

Added 163 days ago|5/30/2025 10:36:43 AM

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What is the basis of your claim that the IRS routinely audits poorer communities for unpaid taxes?

Weegy: I have never heard that before and I can't find anything online to back that up. User: Why would tax returns prepared by someone from the IRS be more likely to be audited? (More)

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Updated 9/12/2023 6:35:36 AM

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MR.READ

Tax returns prepared by someone from the IRS are more likely to be audited because the IRS may subject them to additional scrutiny to ensure compliance and prevent any potential conflicts of interest or bias in favor of the taxpayer.

Added 9/12/2023 6:35:36 AM

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What kind of different will inflation make on your retirement income?

Weegy: Refer to this link: (More)

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Updated 164 days ago|5/29/2025 12:01:12 PM

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cruz30

Inflation erodes the value of retirement income over time, making it increasingly difficult to afford expenses. Fixed incomes are especially affected, and rising healthcare costs add pressure. Without proper planning or inflation-protected investments, retirees may struggle financially in later years.

Added 164 days ago|5/29/2025 12:01:12 PM

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How does the taxpayer know how much he or she owes? User: What kind of bill tell the American how much taxes is owed?

Weegy: A statement called a W2 arrives each year with the amount paid in taxes. (More)

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Updated 7/19/2023 2:15:47 AM

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Aj25

The bill that tells Americans how much taxes are owed is called a "Tax Bill" or "Income Tax Return."

Added 7/19/2023 2:15:47 AM

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