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Tips for decreasing your tax bill

6.Inflated refund claims -- Watch out for anyone promising a big refund before looking at you records. Other warning signs are preparers who ask you to sign a blank return or charge fees based on a percentage of your tax refund. Such fraudsters
6.Inflated refund claims -- Watch out for anyone promising a big refund before looking at you records. Other warning signs are preparers who ask you to sign a blank return or charge fees based on a percentage of your tax refund. Such fraudsters (Joe Raedle/Getty Images)

Here are some tips to help whittle down your tax bill:

 

-Keep track of gifts to charity. Donated money, household items or clothing, art, etc. All these could be a tax deductable item.

 

-Protect cash in an I.R.A. An individual retirement account or health savings account can be a place to shelter tax refunds.

 

-In place of an I.R.A, simplified employee pension plan.

 

-Family opportunities. If you have a child in college - they could still be claimed as a dependent.

 

-Don't forget to scan the deductions list! self-employed people can especially find areas to deduct, such as health insurance costs.