Measure Your Own Tax Advice Against These Tips
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At this time of year, the Internet, newspapers and magazines are filled with sage advice on how to help reduce a tax liability. minimize personal income by converting income into non-taxable income, such as investing in tax-free instead of taxed investments;
convert personal spending to qualified deductions, like the new home office rules that affect working at home on a part-time basis;
take advantage of the various tax credits, including the child-care, elderly and Social Security withholding credit;
apply lower marginal rates by dispersing income to dependents, for example; and
make the most of deductions, honestly and efficiently.
As a tax practitioner or accountant, see if you agree or disagree with the following recommendations provide by H&R Block: