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You know the saying “A little bit goes a long way?” This is especially true when it comes to avoiding taxes through tax credits and deductions. Tax credits give you dollar for dollar reductions from your actual tax liability. Be sure to consult a tax professional on the Child Tax Credit, The American Opportunity Credit, and The Child and Dependent Care Credit to name a few. Deductions are subtracted from your income and may reduce the amount of income you pay taxes on. Be sure to consult a tax professional on charitable contributions, mortgage interest, medical/dental expenses that exceed 10% of AGI and contributions to pre-tax retirement accounts. Contact us today to see how a pre-tax retirement contribution can lower your tax liability.
1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.
Here's a breakdown of how the federal government spends your tax money.
Assess how many days you'll work to pay your federal tax liability.