Although everyone enjoys receiving a large tax refund from the IRS, it’s usually not the most-sound financial strategy. Each year, many Americans fall victim to tax overpayment by either not adjusting their withholding rate or failing to capitalize on tax credits and deductions. Although there are numerous ways to reduce taxable income, it’s up to taxpayers to realize those savings.
For many people, summer is a time when spending is at its highest. With vacations, childcare and other seasonal expenses, it’s tough to find summer savings. But rather than cutting into your pleasure spending, take advantage of these terrific tips and tax breaks.
Financial planning is essential to leading a worry-free retirement. Even if you already have set aside a little money, it’s always smart to increase your retirement savings some more. Our analysis of the benefits of IRAs, 401(k)s and HSAs will show you how to reduce taxable income today.
The IRS allows self employed workers to deduct many expenses related to their work, including housing, travel and health insurance. If itemized thoroughly, these deductions can add up to a larger tax return than expected from the government. By practicing a few of our simple self employment tax deduction tricks, business owners and freelancers will be rewarded with a return they can invest for their future.