12 Legal Ways to Reduce Your Tax Burden

Photo by Vitalii Vodolazskyif from Shutterstock

Contribute to a retirement account

A surefire way to lower your tax liability? Contributing to a retirement account! Contributions to both IRA and traditional 401(k) accounts can be easily deducted from your taxable income. Deducting them will reduce the amount of money you owe in federal taxes.

You’ll get another benefit by contributing to a retirement account. Your funds will grow tax-free, meaning you’ll be able to enjoy a financially secure retirement. The managing director for accounting firm CBIZ MHM, John Maceovsky, says that there’s no such thing as “too late.” In case you’ve missed this year, make sure you’ll check it next year.

PREV1 2 34 ... 12NEXT

Leave a Comment

Your email address will not be published. Required fields are marked *

10 Things Your Boss CAN’T Legally Do To You

Here are some legal aspects which refer to what your boss isn’t allowed to do to you: 1. During the hiring process, they are not allowed to ask you prohibited questions They can’t let factors influence the hiring process and

7 Most Murderous Children

We live in a world surrounded by shocking and evil things. We expect the worst from humans, horrific and truly heinous crimes, however, sometimes these come from the ones that we least expect, children. A rocky situation at home, bad

From Our Network: