My tax due is going to be very high.  I need to find a legal way to reduce tax.?
446719
401(k) have a maximum amount of contribution so you would have to check what is that amount. And Im not sure if you can contribute a lump sum. I know that if you have a traditional IRA, you have until April to put in any last minute contributions for 2005, so probably the same can be done.\n\nAs for legal ways to reduce your tax, I mean if you itemized and have your own property, you can deduct the real estate taxes and mortgage interest paid in the property. Also you can deduct medical expenses, charitable contributions, union dues, tax preparation fees, unreimbursed employee expenses. If you live in state where there is a sales tax, you can deduct such amount either by entering the exact value of sales tax you paid or using the IRS tables to calculate an amount. Also if you recently bought any vehicle or boat in 2005, you can also deduct the sales tax on that purchase. \n\nWhat else, oh yeah, if you live in area that was affected by the hurricanes, an area that has been designated by the IRS as a disaster area, you can take other several deductions that can help you out. \n\nIf you have any student loans, you can deduct the interest on those loans. Or if you still go to school, you can deduct the tuition expense.\n\nIf I knew a bit more info on you I could probably help you out more.\n\nHope this helps!
164735
to reduce payments and interest
386466
it has to be postmarked by today or late fees and penalties apply.  just file for an extension online w/ taxcut.
236919
I just did exactly the same thing....and I used Turbo-Tax...very easy...they ask all the questions and have explanations to help you out....type in turbo-tax in search ...and there you are....good luck
69207
If you already went this far, you have exhaust all adm procedure within the Service, the next step will be going to court\nYou may also want to post a bond to freeze the interest on potential tax you owe
187662
File a tax return. If you want a refund as you employer to give you a w4 form and change the number of exemptions that you want to take. You can also have them hold More out of each check
141961
It is possible to negotiate with the government to get your tax debt reduced.  I suspect this will only happen if it is realistic to expect that the debt won't be paid at all otherwise.  A personal accountant could probably help for under $1K.
1027648
You cannot get rid of tax, all you can do is reduce your tax liability within the legal framework of the Act, you can do that by taking advantage of many deductions available under the law with respect to certain expenses or when you invest in certain investments.\n\nFor those ways you will have to look in to the Act yourself or take help of a Income Tax expert or a CA.
386449
call some where like H&R BLOCK i dont think you have to file this .\nbut still check with the pros huh? \nthere are people there that can answer this for you .\ngood luck .. i hate tax season !!
53658
Go to any 'city hall' that corrosponds with your area\nthrough the info desk you should have one w/a small\nfee by the end of next week. Remember to name it as\na "bussiness" for all inclusive tax purposes. Write \noff the car, gas, car ins.\nAnother way would be to submerge yourself into the\nsurroundings of your interest...as with any\n"independant" endevore...please be careful, there is\nplenty of money to go around in this world. Yet, \nthere is only one of you.
1165121
They will automatically take out 20% for income tax, plus a 10% penalty. Also you have to figure in your income tax bracket; ours is 28%
410356
I suggest you get your stuff together, starting now...as in life. IF you are earning an income, you will have little recourse but to file all taxes with whatever payment you can muster. You will be levied fines and interest and penalties. IF you have a bank account, I strongly suggest withdrawing all monies from it, as if you have much in it, it will be siezed as soon as the IRS checks your assets out. IF you own a home, there will be liens placed upon it for the amount you owe. \nIF you do not have an income...relax!  Just don't plan on having one for about 1 year. NOW, go to a tax lawyer, spread out the mess. They will help you file, with addends as to NOT BEING ABLE TO PAY....the IRS will settle for whatever they can get, as little as .01 on the $ owed. You will have to pay something, but not anything like you may owe. Once you have an agreement with the IRS, DO NOT BREAK IT IN ANY WAY...if you do break the agreement, you will have to start all over, and trust they will then begin to hound you. Get yourself legal in any way you can, for the energy you spend on worrying about the IRS is destructive to your future. You can come out of this clean, and when you do, stay that way! You cannot go 'underground' and ever expect to earn much money in cash...people cannot pay much in cash, for they will be paying the income tax on whatever they pay you...do not expect much in the way of wages when you work this way. Be aware that anything and everything you own is subject to siezure IF you do not come clean... IF THEY Find out about your 'activities' before you tell them about it, they will come down on you hard....it is called tax evasion, and you can go to prison for it...doubtful, but certainly can happen. Once you file returns, they cannot jail you...they can just go after whatever they can get. Act now, this will not get better with time. Good luck
264769
Talk to someone from IRS.They have a toll free number in the phone book or calla local tax place and ask them for help on what you can do...good luck!
269629
I highly recommend getting professional tax help like H&R Block.  If you have problems, they can become much more difficult if you don't have someone who is not personally involved and can think logically and clearly and who has dealt with the IRS/State tax agencies.  Getting emotionally involved only exacerbates the problem.  It may cost a bit to get the help, but it may end up saving you big $!
363956
Call the IRS.  They have a help line for people in your situation, and 4/15 is fast approaching!
502754
First, it depends on which state you live in.\n\nThere are a variety of taxes that phone (and other utilities) like to pass down, especially excise taxes.  I would plan to pay anywhere from 10% to 15% in taxes.
1107676
Pay all your current bills. Save as much money as possible and the next time you get a lump sum of money like tax time..take the money you have saved and the taxes and pay them off at one time.