Question

You want to minimize your current tax bill by maximizing your contributions to your _____________

Answer 1

You want to minimize your current tax bill by maximizing your contributions to your "lowering the portion of the gross income that would be taxable."

How Can You Reduce Your Tax Liability/bill?

Understanding and correctly calculating the tax deductions and credits that we are entitled to can make the difference between having to pay more in taxes or getting a pleasant refund. Here are four quick strategies to reduce your tax obligation.

Some ways to minimise the tax bills are-

• Reducing the portion of your total salary that is taxed is the key to lowering your tax obligation.
• Increase your retirement contributions, if possible.
• One simple option to lower the taxable income throughout the year is to contribute pre-tax money to an independent contractor retirement account like a 401(k).
• You can utilize the loss from the sale of a depreciating investment to reduce other income.
• If users itemize your deductions and donate to charity, your annual tax payment may be reduced.

To know more about ways to reduce the amount of tax, here

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