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HOW TO LEGALLY GET OUT OF PAYING TAXES

The secret to never paying taxes is to not make any money. For many, this is not an option since obviously income is necessary to support our daily lives. For business owners, it's only too easy since they can legally claim thousands in deductions and actually report a loss. However, reporting a loss too many years in a row will get the IRS banging on your door in no time at all. Therefore, the key to legally not pay taxes is to make an income then claim enough deductions to lower that income into the Tax-Free bracket the IRS legally ignores.

You may be thinking, "But I am not a business owner. What tax deductions am I legally allowed to claim?" Many people know that they can take a deduction for each child and dependent living in their home. They also know they can deduct the interest on their house and the cost of daycare from their income. Tithing and charitable donations are also common tax deductions people are aware of, but what else is there? The following tax deductions are for everyone, not just business owners, and they can help you achieve that goal of never paying taxes again. Read on to see which ones you qualify for:

1. $2,500 FOR STUDENT LOAN INTEREST: You can deduct up to $2,500 of student loan interest from your taxable income if you have a qualifying student and student loan. To qualify, the loan must be from a valid lending company and the student must be enrolled at least half-time in a degree program. Even better, depending on your income level, you can take this deduction every year of the loan's remaining life.

2. $5,250 FOR EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE: If you receive educational assistance benefits from your employer, you can exclude up to $5,250 of that money from your taxable income each year. This assistance can include payments for tuition, fees, books, supplies, and equipment.

3. STANDARD MILEAGE: Any mileage you drove in relation to business, medical, moving or charitable events can be used to reduce your income in the following ways: $0.505 per business-related mile, $0.19 per medical mile or mileage related to moving costs, and $0.14 per charity-related mile.

4. ALL MOVING COSTS: If you moved more then 50 miles for a job or a business, you can deduct all moving costs for you an your family. These costs include moving vans, storage, travel and lodging.

5. THOUSANDS OF DOLLARS IN A 2ND HOME: Everyone knows you can deduct all of your mortgage interest in a home that you live in.

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