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2) Have you participating with your company's retirement plan? If not, not really? Every dollar you contribute could decrease taxable income and lower your taxes to .
Structured Entity Tax Credit - The government is attacking an inventive scheme involving state conservation tax credits. The strategy works by having people set up partnerships that invest in state conservation credits. The credits are eventually spent transfer pricing and a K-1 is distributed to the partners who then go ahead and take credits about the personal refund. The IRS is arguing that there isn't legitimate business purpose for the partnership, can make the strategy fraudulent.
Some people receive a massive fat refund every year because great deal is being withheld using their weekly or bi-weekly checks. It wasn't until a few in the past that a colleague of mine came and asked me why I didn't worry a lot about the $275 tax refund I received.
People hate paying tax returns. Tax avoidance strategies are entirely legal and ought to be made good use of. Tax evasion, however, is not. Make sure you know where the fine line is.