Paul L. Caron

Monday, March 7, 2011

Five Sneaky Tax Deductions

MSN Money, 5 Sneaky Tax Deductions:

You've probably never heard of these write-offs, but they could save you a lot of money and make your April easier. Why send the IRS any more than you need to?

  1. 'Depreciate' land
  2. Make money on charitable contributions
  3. Expense it all, or depreciate 100%
  4. Take a remodeling credit
  5. Make your estate-tax credit portable
(Hat Tip: Bryan Weng.)

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Well, we need a little "truth in advertising" here.

The depreciate land action is not really depreciating land, it is a method of transferring income from high bracket tax payers to low bracket ones.

The "make money on charitable contributions" requires a lot of effort, and the depreciation in one year strategy is just timing. The other provisions are pretty normal.

Posted by: Sid (real one) | Mar 7, 2011 7:37:49 AM