Measure Your Own Tax Advice Against These Tips

Posted by accountingweb on Jan 31 2000 162 printer friendly

At this time of year, the Internet, newspapers and magazines are filled with sage advice on how to help reduce a tax liability.

As a tax practitioner or accountant, see if you agree or disagree with the following recommendations provide by H&R Block:

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.

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