“No one is going to be your advocate like you will be,” Fellon said. Here are strategies experts recommend for reducing your taxable income. One big, easy way to reduce taxable income Taking the standard deduction is a quick, easy way to reduce your taxable income. IRS statist...
One of the most straightforward ways to reduce taxable income is to maximize retirement savings. Although there are many types of retirement savings accounts to choose from, below are two of the most common that can help reduce taxable income in the tax year in which a contribution is made. ...
Pre-taxcontributions to a Health Savings Account(HSA) can also reduce your taxable income. You can make these up until the filing deadline as well. Certain requirements must be met in order to open and contribute to an HSA: You must be enrolled in a health insurance plan that has high...
This allows businesses to reduce their taxable income today, but increasing it later as compared to using straight-line depreciation. This gives you a lower net present value of your tax burden, saving you money. Investing in your company allows you to deduct these expenses all at once, or ...
Steve Infanti
Reduce Your Debt Ways to Make Passive Income with Little Money How To Make Passive Income What Is Passive Income? Passive income is money you make when you're not actively working. It usually requires either: An upfront investment of money, or An upfront investment of time Whether you want...
Even if you've already earned most of your income for the year, you can still make some common-sense moves to reduce the amount of income taxes you owe in the current tax year.
taxes, but you can reduce your tax bill by claiming legitimate business expenses astax deductions. The IRS allows deductions for a variety of costs including office equipment, phone bills, gasoline for business travel, and continuing education. These deductions help decrease your taxable income. ...
tax planning is the “discounted gift trust”. This allows you to put a lump sum into trust for your beneficiaries, while retaining the right to regular payments. A similar tax planning device —“gift and loan trusts” — allows growth on investment bonds to accrue outside the taxable ...
November 20, 2024 December 13, 2024 Are You Getting the Most Out of the Canadian Child Benefit? The Canada Child Benefit is a program that helps subsidize the cost of raising kids and offers a generous non-taxable benefit. Lowering your net taxable income is the key to maximizing your CCB...