Save On Your Taxes Part 1: Above the Line Adjustments

Paying taxes is just a fact of life. Make some money, give a cut of that back. My good friend, Tony, just came back north for the season. He and I were catching up the other day and I was complaining about how much I owed in taxes when I filed. He told me a few things he does to lower his tax bill. They were, ummm, let’s say creative interpretations of what’s allowed. I would not call them strictly legal so I’m not going to pass them along. But the conversation did get me thinking. What can I do (legally) to lower my tax burden?

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SALT Deductions: Property and Income and Sales Tax, Oh My!

SALT deductions. Sounds like something that your doctor recommends when you go for your annual physical – which I know we all do every year without exception. However, that’s the NaCl type of salt and not what we’re talking about here.  So, what is this deduction you might ask. It’s the amount you can deduct from your federal income due to State And Local Taxes you have paid, commonly referred to as SALT.

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