4 Ways to Lower Your Taxes Substantially
Looking for ways that you can lower your taxes this tax season? Well, you'll actually find that there are quite a few ways that you can do so. If you know what to do, there are some deductions that can really help you to save big time.
The last thing you want to do is end up giving up a lot of your money to Uncle Sam. So, you need to find legitimate tax deductions that you can use to lower your taxes. Here are some great ways that you can substantially and legally lower your taxes.
One great way that you can help to lower your taxes is to put more money in your 401 K each year. You should at least be putting in as much as your employer is going to match. If you increase your contribution, you'll find that this is income that can't be taxed. You'll end up lowering your taxes quite a bit by putting more money in your 401 K plan and you'll be preparing for the future too.
Another excellent way you can help to lower your taxes is to get a flexible spending account for medical expenses. More than likely you are going to have to wait to do this until there is an open enrollment season with your company to do this though. Have a good idea of what you put out in medical expenses already. Then consider putting money in this account to help pay for medical expenses. It's not taxable.
Any charitable contributions that you make are going to be deductible as well. Whether you give to a charity or you give away a cash gift or some goods, you can deduct this from your taxes, which can really help you to save quite a bit on your taxes.
Even if you are giving money to your church, this can be counted as a charitable contribution. However, if you are going to claim the charitable contributions that you make, ensure that you have the right documentation that you need to do so or you may end up in trouble.
Take the time to learn more about the earned income tax credit if you want to save on your taxes. You see, many people only think that they can get this if they have kids. However, there are some options available for those that don't have kids as well. So, explore the options that you have and find out how you can save.
So, as you can see, there are ways that you can save on your taxes. Even if you have to pay taxes, with deductions out there, you can greatly reduce what you have to pay this year on your taxes.
The last thing you want to do is end up giving up a lot of your money to Uncle Sam. So, you need to find legitimate tax deductions that you can use to lower your taxes. Here are some great ways that you can substantially and legally lower your taxes.
One great way that you can help to lower your taxes is to put more money in your 401 K each year. You should at least be putting in as much as your employer is going to match. If you increase your contribution, you'll find that this is income that can't be taxed. You'll end up lowering your taxes quite a bit by putting more money in your 401 K plan and you'll be preparing for the future too.
Another excellent way you can help to lower your taxes is to get a flexible spending account for medical expenses. More than likely you are going to have to wait to do this until there is an open enrollment season with your company to do this though. Have a good idea of what you put out in medical expenses already. Then consider putting money in this account to help pay for medical expenses. It's not taxable.
Any charitable contributions that you make are going to be deductible as well. Whether you give to a charity or you give away a cash gift or some goods, you can deduct this from your taxes, which can really help you to save quite a bit on your taxes.
Even if you are giving money to your church, this can be counted as a charitable contribution. However, if you are going to claim the charitable contributions that you make, ensure that you have the right documentation that you need to do so or you may end up in trouble.
Take the time to learn more about the earned income tax credit if you want to save on your taxes. You see, many people only think that they can get this if they have kids. However, there are some options available for those that don't have kids as well. So, explore the options that you have and find out how you can save.
So, as you can see, there are ways that you can save on your taxes. Even if you have to pay taxes, with deductions out there, you can greatly reduce what you have to pay this year on your taxes.