Basic Tax Strategy Using Deductions and Tax Credits

Author: External Author | Jul 21, 2021 | Categories: Accounting Firm , Bookkeeping , Business Consulting , Business Set-Up , Corporate Tax Preparation , CPA , CPA Firm , IRS Audits and Notices , IRS Representations , Payroll Services , Personal Tax , Small Business Accounting , State Notice issue , Tax Accountant , Tax Planning , Tax Preparer , Tax Services

You can substantially reduce your income tax by saving for retirement, owning a home, or sending your kids to college and it isn't all that difficult. These are things you're probably doing anyway. You might as well get some tax benefit out of them, right?

We'll assume in these scenarios that you're married and planning to file a joint tax return. You and your spouse collectively earn $125,000 a year in wages or salary. You have three kids: two in college and one in high school.

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Original Article Source Credits: the balance, https://www.thebalance.com

Article Written By: William Perez

Original Article Posted on: NA

Link to Original Article: https://www.thebalance.com/basic-tax-strategy-using-deductions-and-tax-credits-3193485