Taxes can be any American’s big pain in the neck. We all feel that, and when tax season comes, we feel more and more frustrated, but there are some things you can do that won’t break the bank.
Tax season is right around the corner, and this time around some things may have changed, and we need to get ready for whatever is about to change in regards to our finances.
There are some great tips that you may find useful in order to be prepared for 2022, and that may even help you lower your taxes as much as you can.
1. Chip into the retirement accounts
If you make deductible contributions, it will help you lower the tax bill for this year. In addition, the contributions will be compound tax-deferred. The maximum IRA contribution you can make is $6,000.
To qualify for that you must: not participate in a company retirement plan and not be eligible, but if you are eligible, you must have adjusted your $66,000 income or less for singles.