There are many ways. Here are some tips of my own:
The Federal government offers several tax deductions for income tax withholding, including the following:
A deduction for all federal income taxes withheld on an individual’s tax return if it is paid by cash, check or debit card, including prepaid debit cards or direct debit cards.
A deduction for taxes withheld based on your withholding rate, the lowest rate that you are required to pay before interest or penalties are calculated.
A deduction for taxes withheld based on your refundable tax credit, depending on your federal income tax liability .
A tax deduction for federal income taxes paid to states that are responsible for paying federal taxes.
Free money, or low interest financing options, are possible, but only when you have an existing debt, or a non-refundable tax credit.
For more information, and tips on how to get free money from the government, see Don’t Pay the Tax.
Can I get some free money from an employer through a payroll deduction?
Yes, but only if the employer provides a matching contribution. The employer must elect to contribute a matching contribution in the year of the tax that causes the deduction. Taxpayers must report the matching contribution for federal income taxes, as well as state and local income taxes and Medicare taxes.
For more information, see Payroll Deduction for Employers.
Can I use my free tax deduction to save on my home heating bill or mortgage payment?
No. For a deduction to apply to heating or mortgage costs, a taxpayer must be paying the tax amount from a source other than their own wages or self-employment income.
For more information, refer to the Federal Tax Deduction for Home or Property Costs and Tax Deduction for Home Insurance.
Can I use the deductions on student loans?
Yes. The Federal tax deduction for student loan interest will not be allowed. However, there are other deduction types.
For more information, and tips on how to save for college, see Students can Save for College.
How can I get free money without paying the income tax?
For more information on how to become a non-resident of Canada: See Non-Resident Tax.
Can I use my free tax deduction as an emergency cash flow source for an emergency fund?
You can. However, you must pay the income tax due for tax year 2017 and any applicable penalties for previous years
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