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4 Ways to Save Money on Taxes

Taxes have become a significant part of the national discussion as the 2012 presidential election gets closer and closer, and the scrutiny of the candidates becomes more and more focused. Mitt Romney, in particular, has received the brunt of the criticism when it comes to taxes, as reports have been made that said the Romney pays a much lower tax rate than the majority of working Americans, despite the fact that he is a millionaire a couple hundred time over (which, obviously, most Americans are not.) The disparity between the tax rates of the very wealthy and the tax rates of the average working person can be explained in multiple ways, but one of the most glaring is the fact that the super wealthy can hire the best tax people in the business, who can then identify ways in which the wealthy person can save money via taxes. There are tons of loopholes and other legal ways in which anyone can save money on their taxes, but most people do not have the knowledge, tools, time and patience to discover ways to save money on their taxes. But, fear not, the following is a list a very simple ways in which you can save money on your taxes the next time tax season rolls around:

1. Adjust The Withholdings

This is a great thing to do in order to save money on tax payments earlier and throughout the year. Rather than waiting a whole year in order to receive a big tax refund check, you can more accurately change your tax withholdings with each check, and get that money back immediately, without it being funneled through government channels first. All you have to do is fill out a brand new w2 form to adjust the withholdings

2. Make Donations

Making donations is a great thing to do for many reasons. For one thing, you are helping those that are in need, and, you are also earning tax deductions, which will lower your overall costs when it comes to paying taxes. The best thing is to consult the Internal Revenue Service for the laws and limitations concerning charitable donations.

3. Go Green and You Won’t Regret It

Thanks to new tax laws and government-designed incentives, going green is not only good for the environment and the planet, but also for your wallet. There are numerous green tax credits offered by the Internal Revenue Service, and it can be very smart to take advantage of them. Some credits involve the use of solar power in the home, as well as buying an electric vehicle.

4. Keeping Accurate Records and Receipts

This is the best way in which to save money on taxes. By keeping good records, you will find all kinds of loopholes, credits and deductions.

Troy is a freelance writer and is therefore very familiar with filing taxes. Be writes for many online and print publications, including a factoring receivables blog.

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