Most people overpay their taxes by a large amount, often without
even realizing it. Amity Shlaes, author of The Greedy Hand: How
Taxes Drive Americans Crazy and What to Do About It (Random
House, $22.95), says, "There is concrete evidence of how Americans fear the
tax man. In 1997, individuals across the country paid about $100
billion more in taxes than they needed to. ... In other words, in
America today, people beg to be taxed."
The articles on this page can save you hundreds, even thousands of dollars.
Each article quotes the dollar amount you can save, assuming you're in the standard
28% tax bracket. This means that for every $100 in deductions,
you'll save $28. If you
think your taxes are unfairly high, if you think you can do
something better with your money than what the IRS tax sharks will
do with it, read on...
(Note: Capital-gains tax
breaks are discussed on the
Investment Savings section.)
Tell Uncle Sam To Withhold Less Money
The average taxpayer's refund was about $2000 in 2004. That's about
$160 per month taken off the average paycheck. In the meantime,
those taxpayers are giving Uncle Sam the interest on all that money. And
inflation will reduce the buying power of your refund, by
the time you actually receive the money.
You have the right to adjust your withholding statement (Form
W-4) at any time by simply informing your employer. This will ensure
that less money is subtracted from your paycheck. You should
adjust withholding when any of the following events occur:
- You notice that you're getting a large refund from the IRS.
- You get married.
- Your number of children and other dependents increases.
- Your deductions increase (i.e. you've bought a new house with
mortgage interest, or you've donated more to charity, etc.)
Here's how to file a new Form W-4 with
your company's personnel department to slash your withholding:
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Save On Taxes Now! 
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Time to complete:
| 10-30 minutes of reading and implementing |
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Money you'll spend:
| $0 |
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What you'll get:
| $1570 in accelerated income, on average. |
Step-by-step instructions:
- Click here: Kiplinger's "How To Adjust Your Withholding". A new window will open with this page.
- This site gives you easy step-by-step instructions and tells you
how to inform your employer's personnel department of the change.
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Further Reading:
 The BankRate.com Tax Page is a great place to get
the latest tax wisdom. There are sections covering this year's
tax season, tax news, IRS news, Tax Talk chat, tips, notable deadlines
and tax forms.
 Tax Magazines to help you save on taxes, 90-day risk-free trials available.
 Tax-saving books at
Amazon.com with hundreds of tips to help you save taxes.
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