Legal Secrets to Reducing Your Taxes
September 22, 2022
These Tax Deductions and Credits Can Add up to Substantial Savings
Although taxes are an inevitable part of life, there are a number of legal ways to lower the amount you pay the IRS each year. These include credits, deductions, and advanced investment strategies. Please check with your tax professional first as some tax savings are only available to small business owners or the self-employed, while other options can be used by everyone. Are you ready to get started? Contact our firm today for a free consultation.
Tax codes change frequently; however, please find a few ways below that you can potentially save money based on current law.
- Contribute to a Retirement Account
- Open a Health Savings Account
- Receive the Financial Advice You’ve Been Looking For
- Check for Flexible Spending Accounts at Work
- Use Your Side Hustle to Claim Business Deductions
- Claim a Home Office Deduction
- Rent Out Your Home for Business Meetings
- Write Off Business Travel Expenses, Even While on Vacation
- Deduct Half of Your Self-Employment Taxes
- Get a Credit for Higher Education
- See if You Qualify for an Earned Income Tax Credit
- Itemize State Sales Tax
- Deduct Private Mortgage Insurance Premiums
- Make Charitable Donations
- Adjust Your Basis for Capital Gains Tax
- Avoid Capital Gains Tax By Donating Stock
- Invest in Qualified Opportunity Funds
- Claim Deductions for Military Members
- Don't Forget State and Local Tax Breaks
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