Tax Deductions You Should Know About

Tax Deductions You Should Know About

Forbes Via ABC News   |  Greg Rosica   |   March 10, 2008 03:17 PM

Read More: Economic Stimulus Package, Filing Joint Tax Returns, New Tax Laws, Tax Deductions, Tax Returns, Taxes, Breaking Business News
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Many of the events that happen in your life, both to you and your family, are events that will have some type of impact on your taxes. Therefore, keeping up with the new tax laws can make filing your tax return much easier and help ensure you don't miss out on certain deductions.

Two key areas of particular interest for making sure that you take advantage of all family-related tax breaks involve life changes and determining just whom you can claim as a dependent.

Life Changes

Married filing jointly: Remember, your tax status for the entire year is determined by your marital status on Dec. 31 of that year. For 2007, that's Dec. 31, 2007.


Keep Reading

-- OR --

Read about 25 easily overlooked deductions.


 
 

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- ranchomerced See Profile I'm a Fan of ranchomerced

How dare you tell people they should try to save money by using tax loopholes! We need to stop all these tax givaways to the rich people that make more than ... than.. what is it?..... $25000 a year or something?... You are owed an earned income tax redistribution if you make less than that. So you are entitled to some of those the capitalist pig's earnings...How dare the NON WORKING Families get such a break over us WORKING FAMILIES that work harder than them....so hard .... with two cell phone payments; Cable tv, my 6 year car payment, and man; that plasma set me back $4000 with interest rates at $20%. WTF????

    Favorite    Flag as abusive Posted 08:37 PM on 03/10/2008
- Razz See Profile I'm a Fan of Razz

They are not paying us, it is our money. Federal taxes are illegal. There is no such law in the US constitution that say we have to pay federal taxes. We are being robbed.

    Favorite    Flag as abusive Posted 04:56 PM on 03/10/2008
- Quaoar See Profile I'm a Fan of Quaoar

That's the spirit! Who cares if you end up at San Quentin or Riker's Island.

    Favorite    Flag as abusive Posted 08:36 PM on 03/10/2008
- joebaggadonuts See Profile I'm a Fan of joebaggadonuts

GO to jail. Go directly to Jail. Do not collect $600.

I never thought I would think it was funny to quote from Monopoly, the game.

    Favorite    Flag as abusive Posted 06:24 PM on 03/10/2008
- dadw5boys See Profile I'm a Fan of dadw5boys

REFUSE THAT $600.00 TAX REFUND/ PAY DAY LOAN BUSH IS SELLING.

BY THE TIME WE PAY IT BACK THAT $600.00 WILL BE $2800.00 WITH INTEREST.

    Favorite    Flag as abusive Posted 03:38 PM on 03/10/2008
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