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Everybody wants to pay less taxes, and with good planning throughout the year, you can make it happen. You can reduce your taxable income, help yourself, and help others. It’s easier than you may think.
Let’s say you donate to a qualifying charitable organization. You can deduct the contribution when you itemize your tax deductions. That will help reduce your taxable income. So, you help people in need, and you get a tax break. Not bad.
You could also contribute to a 401k or retirement plan. That simple gesture can reduce your adjusted gross income (AGI) and build your retirement fund. That’s helping yourself twice.
Want to know more? Our friends at Liberty Tax can show you the way. Check out these 7 Tactics to Pay Less in Taxes.