{"id":1101,"date":"2013-01-17T17:03:13","date_gmt":"2013-01-17T17:03:13","guid":{"rendered":"\/tax-tip-you-have-consider-all-your-options"},"modified":"2025-02-11T02:32:21","modified_gmt":"2025-02-11T10:32:21","slug":"tax-tip-you-have-consider-all-your-options","status":"publish","type":"post","link":"https:\/\/www.irs.com\/en\/tax-tip-you-have-consider-all-your-options\/","title":{"rendered":"Tax Tip: You have to consider all your options"},"content":{"rendered":"<h3>When preparing your tax return you are often given choices. Make sure you explore those choices fully.<\/h3>\n<p><\/p>\n<p>NEW YORK (<a href=\"http:\/\/www.MainStreet.com\" target=\"_blank\" rel=\"noopener nofollow\">MainStreet<\/a>) &mdash; When preparing your tax return you are often given choices on how to treat certain situations. Here are some examples:<\/p>\n<ul>\n<li>File Married Filing Joint, or Married Filing Separate.<\/li>\n<li>Claim a personal exemption for a dependent student, or allow the student to claim an education tax credit on his or her own return.<\/li>\n<li>Claim an &ldquo;above-the-line&rdquo; adjustment to income for tuition and fees; an itemized deduction as an &ldquo;employee business expense&rdquo; if applicable; or an education tax credit.<\/li>\n<li>Depreciate a new business asset, or claim a Section 179 expensing deduction.<\/li>\n<li>Itemize your deductions, or claim the standard deduction.<\/li>\n<li>Deduct state and local income tax paid, or state and local sales tax paid.<\/li>\n<li>Deduct state and local sales tax paid from the Optional Sales Tax Tables, or claim the total actual sales tax paid.<\/li>\n<\/ul>\n<p>When faced with choices, do separate tax calculations for each option to see which results in the lowest tax.<\/p>\n<p>Consider how a federal choice will affect your resident and nonresident state and local tax returns. Choosing one option may save you $50 in federal taxes but cost you $100 in state income taxes.<\/p>\n<p>What you want to do is select the options that will let you pay the absolute least amount of combined overall federal, state and local income taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When preparing your tax return you are often given choices. Make sure you explore those choices fully. NEW YORK (MainStreet) &mdash; When preparing your tax return you are often given choices on how to treat certain situations. Here are some examples: File Married Filing Joint, or Married Filing Separate. Claim a personal exemption for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/posts\/1101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/comments?post=1101"}],"version-history":[{"count":0,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/posts\/1101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/media\/1102"}],"wp:attachment":[{"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/media?parent=1101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/categories?post=1101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irs.com\/en\/wp-json\/wp\/v2\/tags?post=1101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}