7 Basic Planning Strategies to Pay Less Taxes

Over the course of several years, a few hundred or a few thousand extra dollars on your tax return can pay for some nice vacations, round out your retirement savings, or even give you the start of a college fund. 

Here are 7 proven tax-saving tips that could help you save a bundle during this year’s tax season. Keep reading to find out more.

Put More Money Into Your Employer 401(K) or an Individual Retirement Account

In other words, you can effectively get tax savings simply by giving yourself more money.

Become a Homeowner

After you put the money in, the value of your home will ideally appreciate in value to the point where you don’t sell it at a loss if you decide to move in the future.

It turns out that the words “for richer or for poorer” weren’t just for show. Getting married can help you literally get richer in the form of reduced taxes.

Get Married

Have Kids

A lot of soon-to-be parents don’t realize this right away, but kids can help you lower your tax bill simply by existing.

If you can show that you use them for business purposes, your rent or mortgage, your laptop, your phone bills, and more can be deducted from your taxable income.

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