If you make the right tax moves, you can save a lot of money! None of us want to give a big chunk of money to the government, so that’s why you should take advantage of the following tax tips that will definitely keep your tax bill as low as possible.
1. Opt for the right filing status to increase your savings
As you probably know, you’ll have to opt for a filing status when you submit your tax returns. So, depending on your family status, you may be eligible to file as single, head-of-household, qualifying widow or widower, married filing jointly, or married filing separately.
Take note that your filing status affects your tax rates and any deductions you claim. For example, if you file as head-of-household, married, or qualifying widower, it actually means you won’t move to a higher bracket until you earn more income.
That’s why is important to check out all the statuses in order to choose the one that provides you the most savings.