If you are looking to prevent paying higher taxes,  consider this list as a general help for you.  This list below is comprised of some of the items that you can exclude from your gross income on your tax return.

  1. Gain on sale of main home (up to $500,000.00 for qualifying married filers).
  2. Discharge of debt due to bankruptcy or insolvency.
  3. Social security benefits (up to 85% of benefits may be included in gross income; and 15% minimum may be excluded).
  4. Gifts and inheritances (generally property received as a gift, bequest or inheritance).
  5. Scholarships and fellowships (exempt if used for qualified educational expenses).
  6. Interest on series EE and I savings bonds (when used for higher education purposes).
  7. Life insurance proceeds (death payouts are generally tax free to beneficiary).

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