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What Can Newt Gingrich and Mitt Romney Teach You About Taxes?

You don’t have to be rich, like many of the presidential candidates seem to be, in order to find some great tax benefits. Indeed, some of the very ways that candidates like Newt Gingrich and Mitt Romney reduce their tax liability are available to the rest of us “ordinary” folks.

Kiplinger [3] recently offered some interesting tips about what you can do to improve your situation in terms of taxes by taking cues from Newt Gingrich and Mitt Romney [4]. Some of the suggestions include:

Double Check Your Deductions

Make sure that you double check your deductions. You want to make sure you can get what you are entitled to. You certainly don’t want to do anything illegal or evasive, but you can do your best to ensure that you aren’t paying more than you are legally required to.

Various tax prep software programs can help you check your deductions, and you can also get help from tax professionals who keep up with the latest changes to the law. In some cases, getting the help of a professional can be worth it, since the savings from your taxes can offset what you paid.

(Photo: alancleaver_2000 [8])