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Taxing Memo

In: Business and Management

Submitted By Cedwards1982
Words 554
Pages 3
interoffice memorandum to: | Managing Director | from: | Christy Edwards | subject: | different Types of Vechiles you can you to miniMIZE INCOME TAXES, cAPITAL gAINS TAX, AND ESTATE TAXES | date: | May 7, 2013 | cc: | [Name] | | STEVEN STEWART | There are many ways to save on all types of taxes here are just a few. The different types of Methods you can use to minimize Income taxes, Capital Gains Tax, and Estate Taxes.
Income Taxes 1. Earned Income Credit (Having Children living in the home can give you an EIC credit) 2. Itemizing Deductions (mileage for work and uniforms) 3. The Alternative Minimum Tax (has a larger exemption. When the exemption goes up, you can save on your tax bill if the ATM applies to you. For single taxpayers the exemption is $46,200. For married taxpayers filing jointly the exemption is $69,950. 4. First Time Homebuyer Credit : (The First Time Homebuyers credit allows you to get back some of the money you paid on your home) 5. If you work at home you can earn a credit for having an office at home. 6. Business Miles Deduction: If your business does not cover your mileage when you travel. 7. Midwest Disaster Tax: If you live in the Midwest disaster area affected by severe storms, tornadoes and flooding. 8. Residential Energy Efficient Property Tax Credit (If you have installed solar panels or energy saving appliances in your household.
Capital Gains Tax
Your capital gains rate could be 0% this year. If you fall into the 10 percent or 15 percent tax bracket, your tax rate on net capital gains is 0%. If you fall into the 10 percent of 15 percent tax bracket, the tax on your qualifying dividend income is also 0%. For the rest of us, the capital gains rate is still 15%.

1. Carry over capital losses: If you sell stock or bonds, you usually pay tax on the net capital gains. If you own stocks...

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