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Consumers may save money through cutting down on taxes
01/12/2010
Reducing debt has become a major focus for many consumers, though a number of people may forget that they may be able to find some savings through their taxes.
According to a recent article in Kiplinger's, there are a number of commonly-ignored tax deductions that consumers may consider when filing this year. For example, people who live in a state without income tax can write off the amount they paid in state sales tax.
"For most citizens of income tax states, the income tax is a bigger burden than the sales tax, so the income tax deduction is a better deal," Kiplinger's stated.
Charitable contributions are another way people can cut back on their taxes, and even small amounts can eventually total to a decent deduction. Things like miles driven in a car during volunteer work or other items bought for charitable causes can be used to reduce the amount people owe to Uncle Sam.
This type of tax budgeting can help consumers, though it is probably done much easier when consumers keep track of their expenses throughout the year. If people find they are having problems with budgeting, they may consider consumer credit counseling services, which can help them set up a plan to manage their expenses.
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