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| *Loan,banking and credit>>>income tax |
What is the best way to cut taxes for single guy who makes a six figure income? |
I contribute 20% to 401K at this time, are there any other ways to reduce my tax burden short of having more kids or getting married... Been there done that.. Try getting an accountant, and ask him! :) cut a few zeroes!!!!!! buy a home and write off the interest...pick me as best answer if im right....... When you file at the beginning of the year, claim 0, or if you have kids, claim 1 for each, but exclude claiming yourself until you file at the end of the year. They will take more out each paycheck, but you will get more back at the end of the year, if not more. Also, do a little donating and save your reciepts for tax time, one more thing, go with the long form to find more loopholes. * H&R Block These are the ways to decrease your current tax liability: + defer income (e.g. pre-tax 401(k) contributions) + pay expenses with pre-tax dollars (HMO, dental insurance, medical and dependent care flexible spending accounts, etc.) + choose investments that are tax free (muni bonds, Roth IRAs) or tax deferred (IRAs, annuities, cap gains on stocks, etc.) + maximize your deductions (charities, mortgage interest, real estate taxes, etc.) Go to irs.gov and get the instructions for last year's 1040 (long form) and read through the deductions. I disagree with metrobluequeen1. She (or he?) is confusing your tax liability with the amount of your tax payment or tax refund when you file. Being overwithheld, as she suggests, is merely making an interest-free loan to the government and does not reduce your taxes. quit your job, sell everything that you own, give the money away. You won't have any taxes to pay |
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