9 Simple Steps to Pay Less Taxes
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While it’s not likely you can entirely avoid paying taxes, there are ways to use the tax code to your advantage that may lower your tax liability.
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Retirement Account
You can reduce your gross income (which is your income before taxes are taken out) by making contributions to a 401(k) retirement plan, a 403(b) retirement plan, a 457 plan, or an IRA.
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Adding up Your Health Care Costs
Health care expenses are typically only deductible once they exceed 7.5% of your AGI (and only for those who itemize their deductions).
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Adding to Your HSA
HSA contributions are made with pre-tax dollars, so any money you put into an HSA is income the IRS will not be able to tax.
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Selling Off Poorly Performing Investments
You can use these losses to offset capital gains, which are profits earned from selling an investment for more than you purchased it for.
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The key to saving on taxes is to get to know the tax code and make sure you’re taking advantage of all the deductions and credits you’re entitled to.
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