KIPLINGER TAX CENTER
TRUSTED ADVICE TO HELP YOU LOWER YOUR 2007 TAX BILL
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Did you know you can write off college tuition costs? Or job-related moving expenses? And you don't even have to itemize to get these breaks. The IRS offers a multitude of ways to lower your tax bill. The key is knowing which deductions and credits are available -- then taking advantage of them. You're probably thinking you need to hire an accountant for that. Not so.
Our tax encyclopedias make it easy to find out what is and isn't deductible. We cover all the major areas, from charitable contributions to medical expenses to retirement savings. Check out our easy-to-use guides to find out how you can cut your 2007 tax bill.
What's Deductible?
Business Expenses
Congress has filled the tax law with opportunities for businesses both large and small to recoup reasonable and necessary business expenses with tax deductions and credits.
Cars and Other Things You Own
Believe it or not, you actually can ring up tax savings as the result of buying things.
Charitable Contributions
It's good to give. And for your kindness, the IRS rewards you with deductions for charitable contributions.
Children and Other Dependents
We don't advocate building your family just to reduce your taxes. But you need to know about the savings Uncle Sam offers.
Education Expenses
Congress has packed the tax law with breaks to help taxpayers pay for education -- for your children, your grandchildren or even for yourself.
Employee Expenses
You make a costly mistake if, as an employee, you assume there are no tax breaks for you.
Home Ownership
Homeowners can claim a slew of write-offs to lower their tax bills -- as long as they itemize.
Investment and Retirement Savings
Here are some tax issues that affect every investor, and a few tips to help you keep more of your money.
Medical Expenses
The list of medical costs that can be deducted stretches to the Mayo Clinic and back, but few taxpayers get any tax benefit.
Other Deductions
These deductions don't fall under any of our other taxopedia categories.
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