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Ways to Minimize Income Tax

When reviewing your W-2s and 1099s at the end of the year to figure out how much income you’ll have to report on your tax return, you should understand that you won’t pay tax on all of it. However, there are many ways to minimize your income tax bill, so your savings will depend on whether you take advantage of every deduction, exemption and credit the Internal Revenue Service offers for which you qualify.

Adjustment to Income Deductions

The first category of deductions you’ll encounter on your tax return are called “adjustment to income” deductions that directly offset your total income to arrive at your adjusted gross income. Since these deductible expenses are a direct offset to income and can be taken regardless of whether you take the standard deduction or itemize – they can save you a substantial amount in tax. The tax law frequently changes, but deductible expenses that consistently appear on tax forms year after year cover student loan interest, job-related moving expenses, alimony payments, self-employment tax payments and many others.

Exemptions

Taking all of the personal and dependent exemptions possible is a simple way to lower your taxable income, which ultimately minimizes your income tax bill. Provided you aren’t another taxpayer’s dependent, you can take one personal exemption for yourself, an additional one for your spouse if filing a joint return, plus an exemption for each qualifying child and relative you’ll be reporting as your dependent. Exemptions are fixed in amount and typically increase for inflation each successive tax year.

Itemized & Standard Deductions

Almost every taxpayer will report either a standard deduction or itemize on Schedule A. Like exemptions, the standard deduction is a fixed amount. However, each filing status offers different standard deduction amounts, so some people are able to save more than others. The nice thing about the standard deduction is that you don’t have to show any expenses or fill out additional forms to take it. But you should always consider itemizing on Schedule A instead if it will give you a larger deduction. Some of the common expenses to itemize include mortgage interest, charitable donations, employment-related expenses and state and local tax payments.

Tax Credits

A tax credit can oftentimes yield substantial tax savings since it reduces the tax you owe on a dollar-for-dollar basis. In contrast, deductions and exemptions only reduce your taxable income. The IRS offers a wide range of tax credits for a variety of expenses. Some of these expenses cover things like tuition payments and the cost of hiring a caretaker for one of your dependents, while others, like the earned income tax credit, are available just for reporting income below certain thresholds.

IRS Reference:
Publication 17 – Your Federal Income Tax