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31 Tax Breaks

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If you own rental real estate, rental income is taxable. However, you can sometimes offset substantial rental income through income tax deductions.

Look for deductions that offset passive and active gains. If you've been holding off on sprucing up the place, you may also want to consider making some maintenance repairs. They might not only reduce your tax bill, but increase your property's net worth.

Turn your home into a tax-advantaged income-producing vehicle through the use of a "reverse mortgage." By converting your home equity into income, a financial institution can provide you with a monthly check based on the total market value of your home.

Not only does the "reverse mortgage" provide income, but can help reduce taxes by removing one of your largest assets from your estate. Avoid reverse mortgage scams, and do your homework ahead of time. It could be well worth it.

Low income housing projects often reveal tax advantages, as warranted by Congress. Wealthy individuals often develop these properties solely for the purpose of realizing credits, which offset you tax bill dollar for dollar.

Private individuals may still be able to take advantage of these credits by pooling their interests and receiving a share of the tax credits. There are companies that also create partnerships with investors for the sole purpose of receiving low income housing tax credits, prefunded by Congress.

Check with a SaveWealth Advisor to receive more information aboutt these tax credits.

If you draw Social Security income, understand "provisional income." If your provisional income falls beneath certain constraints, you may not have to pay federal income taxes on your Social Security benefits.

To help determine your provisional income, be sure to check out the official Social Security website.

Uncle Sam has eliminated the 15% excise tax on large distributions from 401(k) or other pension plans. However, if those funds remain in the retirement plan when passing to your heirs, the proceeds will be subject to both income and estate taxes at the same time. This repeal of the excise tax presents an excellent planning opportunity for millions of American retirement savers.

Tax Breaks Include