Tax Planning for Tax Savings
How to lower taxes is one of the most common financial planning questions tax advisors receive among individuals and business owners. Armed with the right knowledge and guidance, there are plenty of ways you can save money on taxes— you just need to know where to look. This list provides a detailed overview of ways to help reduce your tax bill.
1. Know your bracket:
The IRS has seven income tax brackets and which one you fall into depends on your level of income. First determine your tax bracket, then break down your income into the prescribed income types that you earn. Knowing your tax bracket can help you assess the tax impact before you make any financial decisions.
2. Leverage tax deductions:
The deductions you qualify for can make a significant difference on your tax refund. Here’s a short list of some deductions you can take advantage of:
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