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GET CONNECTED
TAXES
Savvy strategies to help reduce your taxes
Deductible Taxes
Not all taxes are bad. In fact, some
non-business taxes are actually deductible if
you file Form 1040 and itemize deductions on
Schedule A. These types of taxes are
deductible:
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State, local
and foreign income taxes, including
estimated taxes you paid and prior year’s
state or local income taxes
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Real estate
taxes
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Personal
property taxes, when they’re based on the
value of the property and charged to you on
a yearly basis
For more information get IRS Publication
17, “Your Federal Income Tax,” and read
chapter 24. You can download the publication
at
www.irs.gov.
Another Scam
The IRS is warning small-business owners
to beware of tax scams aimed at employers.
Promoters of the scam claim that employers
don’t have to withhold federal income tax or
other employment taxes from wages paid to
employees. These schemes are based on
incorrect interpretations of tax law and have
been refuted in court. Recent court cases have
resulted in criminal convictions of scam
promoters. But, employer participants could
also be held responsible for back payments of
employment taxes, plus penalties and interest.
Don’t fall for the con.
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