Saving Money Tips » Salvation Army http://www.savingarcadia.com Mon, 06 Feb 2012 19:43:18 +0000 en hourly 1 http://wordpress.org/?v=3.1 Save Money on Your Income Taxes http://www.savingarcadia.com/save-money-on-your-income-taxes.html http://www.savingarcadia.com/save-money-on-your-income-taxes.html#comments Thu, 07 Jan 2010 17:15:25 +0000 admin http://www.savingarcadia.com/?p=96
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    • ]]>     Almost every state in United States taxes your earnings. Income taxes are one of your largest expenses each year. Income taxes are taxes on income, both earned income such as salaries, tips or commissions, and unearned income such as interest from savings accounts. There are plenty of tax savings in the system without resorting to illegal strategies that can come back and bite you.

    Give money to charity. That’s because when you make a donation, either in cash or in goods to a recognized nonprofit organization such as the Salvation Army, Goodwill, or your local church or school, you get to deduct the dollar value of your donation on your annual income taxes. Just make sure you get a receipt.

    Create educational account on your children name. That means they will pay less in taxes on those investment earnings than you would because, as an adult, you are probably taxes at a higher rate.

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    1. Supplemental Security Income
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