The Single Largest Income Tax Savings Cut

Income tax savings vary, depending on the individual filing the return. Tax law changes are implemented annually and the changes affect each individual differently. Currently, the estate tax, which is set to go to 0 in the year 2010, potentially represents the largest income tax savings for the recipient of a large estate. Aside from that, there are not many opportunities that individually provide the same significant level of tax relief.

Reviewing Individual Tax Situation

Tax filers that are looking for large tax savings should look at their personal situation and see where they may be able to lower their taxable gross income. By reducing their income, they reduce the AGI or adjusted gross income that is subject to tax and take advantage of potential tax deductions. A qualified tax adviser that understands the IRS tax codes can assist you with finding tax deductions.