Tax Planning Tips: 3 Ways You Can Reduce Your Taxes

Author: External Author | | Categories: Bookkeeping Services , Individual Tax Preparation , Medium Business Taxes , Small Business Corporation , Small Business Taxes , Small Corporation Taxes

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The idea behind tax planning is to arrange your financial affairs so you ultimately end up owing as little in taxes as possible. You can do this in three basic ways: You can reduce your taxable income, increase your deductions, and take advantage of tax credits.

These options aren't mutually exclusive. You can do all three for the best possible result.

Original Article Source Credits:   The Balance , https://www.thebalance.com/

Article Written By:  William Perez

Original Article Posted on:  October 23, 2020

Link to Original Article:  https://www.thebalance.com/tax-planning-basics-3193487

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