Top 10 Ways to Lower Your Taxes

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If you want to lower your taxes, it’s important to have more than a vague understanding of how our tax code works, what tax bracket you expect to be in

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While certain moves can be made up until Tax Day, many effective tax mitigation strategies must be employed before Auld Lang Syne is sung as the calendar turns to January 1st.

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Most can be used by everyone including W-2 employees, a couple of them are specific to business owners, and some I don’t necessarily recommend

Top 10 Ways to Lower Your Taxes

This may sound obvious, but if you’re not already contributing to the maximum allowed by the IRS in the various accounts that let you deduct tax-deferred contributions

Something in the neighborhood of 90% of taxpayers do not itemize deductions, taking the standard deduction instead.

You can lower your taxes by selling the losers, and ideally replacing them with something similar but not identical.

In 2020, I should be able to deduct 20% of my “qualified business income,” a complex calculation that varies depending on the type of business one has and how much taxable income one will be reporting.

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Top 10 Ways to Lower Your Taxes

If you want to lower your taxes, it’s important to have more than a vague understanding of how our tax code works, what tax bracket you expect to be in

While certain moves can be made up until Tax Day, many effective tax mitigation strategies must be employed before Auld Lang Syne is sung as the calendar turns to January 1st.

Most can be used by everyone including W-2 employees, a couple of them are specific to business owners, and some I don’t necessarily recommend

Top 10 Ways to Lower Your Taxes

This may sound obvious, but if you’re not already contributing to the maximum allowed by the IRS in the various accounts that let you deduct tax-deferred contributions

#1: Max Out ALL Tax-Deferred Contributions Available

Something in the neighborhood of 90% of taxpayers do not itemize deductions, taking the standard deduction instead.

#2: Maximize Itemized Deductions

You can lower your taxes by selling the losers, and ideally replacing them with something similar but not identical.

#3: Tax Loss Harvest

In 2020, I should be able to deduct 20% of my “qualified business income,” a complex calculation that varies depending on the type of business one has and how much taxable income one will be reporting.

#4: Understand the Sec 199A QBI Deduction

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