How to Pay Less Taxes: 7 Basic Tax Planning Strategies
Many people don’t know how to pay less taxes while staying in the good graces of the IRS.
Here are 7 proven tax-saving tips that could help you save a bundle during this year’s tax season.
Put More Money Into Your Employer 401(K) or an Individual Retirement Account
As Investopedia explains, retirement contributions are made using pre-tax income. That’s a slightly more technical way of explaining that your retirement contributions can reduce your taxable income.
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.
However, if your gameplan is to have kids in the near or distant future, they can help you reduce your taxes for two reasons.
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Get a Side Hustle
According to Bankrate, 45%of working Americans reported having side hustles. With those numbers, it’s clear that side hustles and alternative revenue streams are here to stay.
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