Tips for Tax Season

If you are like me, you dread this time of year... Tax Season! It really doesn't help when I see people like Mitt Romney, whom by the work doesn't work AT ALL, pay an effective tax rate of less than 15%. Yet, someone like me, who labors day-in and day-out, pay an effective tax rate over 30%, in my Nathan McCall's voice, "Makes me wanna holler!"

At any rate, it is always helpful to find good tips on how ease the tax burden and defray some of the cost - especially during these tough economic times. Lucky for you and me, I found this great article describing ways to cut your tax bill. Here is an article in which Elev8 says, "...to cut your tax to the bone by claiming all the breaks you deserve — including some you may have forgotten, and some you may have never even known about.

Although all taxpayers have a shot at this write-off, it makes sense primarily for those who live in states that don’t impose an income tax. You must choose between deducting state and local income taxes or state and local sales taxes. For most citizens of income-tax states, the income tax is a bigger burden than the sales tax, so the income-tax deduction is a better deal. Big ticket items could make the sales-tax deduction a better deal even if you live in a state with an income tax. The IRS has a calculator on its Web site to help you figure the deduction.

Full story at Elev8