Paying the lowest taxes possible should be a national pastime. It’s all about working the tax code in our favor. Everyone has the opportunity to do it. You just need to know where your income falls in the tax brackets.
You can open an IRA and deduct the contributions. Or take advantage of complex tax shelters. It’s called tax avoidance and it’s entirely legal. What holds most of us back is the complexity of the code itself. It’s always a good idea to have a few tax tips handy.
Plan To Itemize Deductions
If you usually fall short of taking the itemized deduction, plan on it this tax season. Generally, the larger your deduction the less federal taxes you pay. I have yet to hear anyone complain about paying less taxes. Continue Reading…