Fun fact: It's possible to be both a U.S. resident alien and a U.S. nonresident alien in the same year. Not-so-fun fact: That makes paying U.S. taxes more complicated. If this is you, check out these 10 tax tips.
Aside from committing income tax fraud, you'd pretty much do anything to pay less in annual taxes. The good news is there are plenty of ways to reduce your debt to Uncle Sam come April (and all of them are perfectly legal).
As the year ends, many businesses are not popping Champagne. They're trying to figure what to do in order to reduce their tax liability for next year. Are there any sure-fire (legal) methods to do this?
The standard deduction can be pretty sweet. Single people in 2014 can get $9,100, while married and filing jointly will net $12,400. The standard deduction isn't for everyone, though -- and it does affect what you might like to itemize.