Regular followers of this blog know that I am advocating only legal tax resistance: I don't want to be responsible for someone going to jail. One strategy is simply doing one's homework by combing the tax codes for every deduction one can find. In that spirit, there is a valuable article on Marketwatch.com that provides a few useful pieces of advice. Read the article here.
Since I have written several times about tax credits for higher education, I wanted to pass along their tip in this regard. Many of these credits are phased out as your income increases. If you are at an income level at which the credit is minimal, you may want to let your son or daughter claim the credit, provided that he or she owes enough in taxes to make claiming the credit worthwhile. Your child will get more money back from the government, which will ultimately help you.
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