(MONEY Magazine) – -- Federal: Set up an account that earns up to $500 a year for each of your children under age 14. The earnings are tax-free because of the child's standard deduction. If you're in the 28% bracket, each account can save you a quick $140.Page 70 -- State: Before you think about moving, study our master tax table, which ranks every state and the District of Columbia according to how heavily (or lightly) it taxes individuals.Page 90 -- Local: Fight escalating property taxes by asking your local assessor for a copy of your house's record card. If you spy errors, such as more rooms than you have, one visit to the assessor might win you a tax reduction. Page 102