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How to Pay Less in Taxes

How to Pay Less in Taxes PhotoHave you ever wished that you don’t have to pay taxes? Indeed, the equivalents of all the taxes we pay consume the biggest part of our overall salary. Some people even suspect that they have been overcharged on their tax.

If you’re one of these people, then most probably you’re also irked just like the others. You may not be able to erase the tax totally, but there are certain ways for you to pay lesser. You read that right, you can pay less in taxes.

Here are some tips that will surely come in handy.

Own a house instead of renting out

Renting a house will necessitate you to pay a monthly rent and deal with a couple of taxes. A terrific tip is to go for rent-to-own properties instead of renting a typical apartment that you can’t own anyway. This way, you will have the chance to own a house in no time. This will lessen the taxes you’ll pay due to the interest write-off.

Deposit in a 401k fund

Depositing a portion of your paycheck, in a 401k fund, means taking out a part of it before it gets taxed. This money will then be moved into a 401K retirement fund. Although you will receive less money, you’re also paying less tax because the tax on the cash transferred in your 401K is deferred. Once you reach the age of 59 1/2, you’ll be able to make 401K fund distribution, and by this time, the tax deferred previously is already paid back.

Don’t pay off student loans

Although most debts call for an immediate payoff to lessen the chance of paying a higher interest rate, the case of student loans is different. Unlike other loan interests, a student loan interest can be deducted from your AGI or Adjusted Gross Income. This means you will have the privilege of paying less tax because of the deductions.

Credit card debts, on the other hand, calls for immediate pay off because it can’t be deducted from the AGI.

Choose a filing status correctly

Your standard deduction rate and tax rate are both determined through the information on your filing status. Thus, it clearly has a massive impact on the tax situation of every individual. If you’re already married, it is advisable to file as “married filing jointly”. This will help you pay less tax because you and your spouse are somewhat sharing it.

Single parents who want to pay less tax can also lessen their tax by filing as “married filing separately”.

Let a professional prepare your taxes

With the help of a professional, you will have peace of mind that your taxes are prepared carefully. Any chances of deductions that will lessen your tax will also be exposed. If you think hiring a professional is nothing but excess expenditure, better think again. There are tons of deals out there that will allow you to pay lesser.

Because the tax is among your responsibilities, you have no choice but to pay for it. Nevertheless, there are still alternative ways for you to pay lesser. Be extra meticulous on your financial documents and extra wise when working on your taxes. Surely you’ll be spared from paying too much.