The IRS offers plenty of ways to reduce your taxable income and your tax bill
, a spreadsheet of your own making, or a simple pen and paper. Whatever you'll actually use regularly is the best choice for you.If you have a small business but haven't yet incorporated, there could be valuable tax benefits for doing so. Emil Abedian, founder/CEO of, says running your small business as a S-corporation could potentially save you tens of thousands of dollars, for example.
The wages you pay them become a tax deduction for your business, which helps you reduce your taxable business income. If they in turn decide to put their salary in a 401 or IRA account, they can defer taxes on that income even further.5. Max out your retirement savings, including 'catch up' allowances
Also be aware that many retirement accounts let you contribute more if you're ages 50 or older. With a 401, for example, you can save an additional $6,000 per year in catch-up contributions. With an IRA, the catch-up component allows for an additional $1,000 in annual savings.Chequers Financial Management
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
France's tax on tech giants like Google and Amazon could bring in $570 million per yearA three percent tax on the French revenue of large internet companies could yield $568.3 million per year, France's finance minister says.
Baca lebih lajut »
![Amazon Paid $0 In Federal Income Taxes Last Year [Infographic]](https://i.headtopics.com/images/2019/3/3/forbes/amazon-paid-0-in-federal-income-taxes-last-year-1101980506093162499.webp?w=640)
Amazon Paid $0 In Federal Income Taxes Last Year [Infographic]Far from paying the statutory 21% income tax rate on its 2018 profit, Amazon actually reported a federal income tax rebate of $129 million. That works out at a tax rate of -1.2%.
Baca lebih lajut »
French tax on internet giants could yield 500 million euros per year: Le MaireA three percent tax on the French revenue of large internet companies could yiel...
Baca lebih lajut »
House Democrats likely to seek 10 years of Trump’s tax returns in coming weeksWays and Means Democrats, House attorneys anticipate court fight over access to the president’s tax records.
Baca lebih lajut »
Why getting this new 20 percent tax break might be tough this yearThe new 20 percent tax break for small businesses sounds like a good deal, yet accountants and tax prep software providers are grappling with last-minute changes to this provision. What it means for you.
Baca lebih lajut »
Mnuchin says tax refunds are at about same level as last year
Baca lebih lajut »
Treasury Secretary Mnuchin says tax refunds are now back at last year's levelTreasury Secretary Steven Mnuchin sought to quell concerns about lower tax refunds this tax season, offering new data showing a recent surge in refund amounts.
Baca lebih lajut »
Everything we know about the next Nintendo Switch, which may arrive as soon as this yearA new Nintendo Switch? Yes, a new Nintendo Switch!
Baca lebih lajut »