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Applying tax-saving strategies for high-income earners could help you to owe less to the IRS each year. It’s important to keep in mind, however, that the tax code is always changing.
Here are seven top tax tips that even last-minute filers can still take advantage of. 1. Contribute to an IRA. Contributing to a traditional IRA is one of the last, best ways that many working ...
“For 2023, the contribution limit is $3,650 for individuals and $7,300 for families,” he said. ... 10 Money-Saving Tax Moves You Can Still Make Before 2023 Ends. Show comments. Advertisement.
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Individuals can contribute up to $3,850, while families can sock away $7,750 (those 55 or older can contribute an extra $1,000). Financial planners love HSAs because they offer amazing tax advantages.
A Roth IRA consists of after-tax contributions, so gains earned on investments within a Roth IRA are 100% tax-free once you turn age 59.5. “You should first prioritize maximizing your employer ...
This minimizes current tax liabilities while saving for retirement, leading to potential tax savings during your golden years. Harness Clean Energy Tax Credits The Clean Energy Tax Credit is ...
Only Buying Assets for Tax Benefits. If you’re thinking about purchasing assets so you can write them off on your taxes, this strategy might not be as helpful as you think. “If you need to ...
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