Sunday, November 6, 2011
Advice for avoiding owing taxes in 2008?
We are sick of owing around $3000 in taxes! The so called tax reform did us absolutely no good - we owed more this year, and our bracket did not change. Taxable income, around 120,000 - standard deduction, no mortgage interest to claim. Each of us claim 0 deductions from work, even though we have 2 kids. We do have interest income from trying to be good savers, which at 25% tax rate would account for some of the taxes owed --- but only about 1/2. If we could take the child tax credit, it would look good - but we are over the limit for that. Tax time is a real downer around here - any advice in planning for 2008?
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