Nationwide Tax Consulting | 4 Unknown Tips to Reduce Tax Bill

If I ask, Would You like to reduce your tax bill? I think everyone will say yes, I don't think anyone who doesn't want to pay less for their income to federal govt. Today, We are going to share a few ways to reduce your tax bill without violating IRS rules. 


1. Contribute to a 401(k), 403(b), or 457 Plan: The less income you have, the lower your tax will be, but you don't need to make less money to lower your tax bill. Adjusted gross income is the baseline for calculating your income taxes and if it is higher, means you owe more. Well, the keyword here is adjusted, says there are ways to lower your gross income, and one of them is  401(k) retirement plan, 403(b) retirement plan, or 457 plan. The more you contribute to a pre-tax retirement account, the more you can reduce your AGI and the amount you'll owe in taxes.

2.  Buy a House: If you have plans to buy a house, that deal may save you money on your taxes since mortgage interest and property taxes are deductible. The Tax Cuts and Jobs Act made a few changes that could affect whether you'll get a tax break from buying a home.

3.  Go Back to School: Finishing your college degree was always your dream? Then, It is a time to fulfill that by joining a course, that could improve your career prospects, or explore an academic interest? Pulling out a course catalog and signing up for a class could help you lower your tax bill.

4.  Get Your Tax Prepared by a Professional: Many of us consider filing taxes on our own to save a few bucks, and this saving is going to lose us hundreds of dollars. If you don't understand tax codes or forms, I would advise you to use a professional or consider a company such as Nationwide Tax Consulting who holds hundreds of reviews and a strong background of satisfied clients.

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