Reduce Your Taxes
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Your Guide
Liz Pulliam Weston MSN Money columnist Liz Pulliam Weston answers reader questions in the Your Money message board.



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Prepare Taxes

Tax Professionals
Professional help with your taxes and overall financial planning is available from MSN Money's Advisor Finder.

Taxing second incomes
Higher taxes and work-related expenses may give you less than you think. Find out with the Second Income Calculator.

Tracking your deductions
Tracking your expenses in personal finance software can help ensure you include every deduction. Find out about downloading the Money Deluxe free trial.

Reduce Tax Q&A
Credit
Deductions
Investment-Related
Self-Employment


Make tax strategies part of your overall financial plan with Microsoft Money by tracking your tax liability throughout the year.
Step 1: Get started
Tax planning is a year-round process. With a little time and effort, you can learn how to restructure your finances to benefit from the tax laws.

4 ways to plan now for next year's taxes

End-of-the-year tax-saving tips

An update on your deductions and credits for 2001 taxes

Changing tax laws create new opportunities

Tax Estimator
Use this tool to refine your tax strategy. Enter the data as you would on your tax form to determine how much you're likely to pay or if you'll get a refund.

Tax law changes
Scan the latest tax law changes for 2001.

Step 2: Understand the basics
A handful of key strategies can help you to lower your gross income, gain tax-free compensation from your employer and reduce Uncle Sam's bite on your investments.

5 key strategies to cut your tax bill

Job perks that escape taxation

Minimizing taxes on investment income

Step 3: Maximize deductions and credits
One of the most effective ways to lower your tax bill is to know which deductions and credits you can take. A deduction lowers your taxes to the extent of your marginal tax rate, while a credit is a dollar-for-dollar reduction.

Deductions offer big savings

If you've got to borrow, at least get a deduction

How to spot the tax credits you deserve

Deduction Finder
Use this tool to make sure you're taking all of your deductions and credits.

Specific Tax Deductions
For more information, see these articles in the Article Index.
Improve your financial health with medical deductions
America's favorite loophole: deductible interest
Give and grow rich with charitable deductions
Let the IRS share your casualty and theft losses
Miscellaneous deductions add up to big savings
State and local taxes can cut your federal tax bite

Federal Tax Forms & Publications
Download IRS forms and publications.

Credit Q&A: Child Care, Earned Income, Educational, Home/Mortgage, Kiddie Tax

Deductions Q&A: Auto, Business-Related, Charitable, Medical, Miscellaneous, Retirement Plans, Taxes

Step 4: Compare results
Enter any new deductions or credits that you've uncovered in the Tax Estimator to see how much you'll save in taxes. You may also want to adjust your withholding (Form W-4) to add the savings to your paycheck.


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