There is nothing more frustrating than working hard all year, pay what you think is your fair share of taxes on income and then turn around April 15 and hit with more taxes because they do not pay attention or find a way to pay less taxes during the year. Just once, would not you know about paying less taxes and maybe, just maybe, get a refund for once? Well, well, there are several tips that will show you how to pay less in taxes each year.
Buy a home. This is considered the number one way to pay less tax by using the mortgage interest tax deduction. If you currently rent, ask your landlord if you can buy the house where he now lives. Why let the owner get all the tax deductions?
Get a 401k. Put a percentage of your 401k salary each payday. This reduces your taxable income so you pay less tax. Note, however, can not be withdrawn before the 59 1 / 2 without paying a fine. Many employers match your contribution to the combination of reducing your taxable income and the counterpart funds practically pays you to save. Do the math, sometimes, you are actually paying the same as was paid to the IRS, if you have not contributed.
Turn your credit card debt. You can not deduct the interest on credit cards, but you can deduct mortgage interest. If you have a lot of credit cards to pay, consider that the debt of the secured debt. If you own a home and have equity, you may be able to refinance their home or get a second mortgage to pay off credit cards. Be careful, however, and first make sure you can afford to pay the mortgage (s) or otherwise you may lose your home. This exchange of debt actually helps your credit score because they are shifting unsecured debt to secured debt so it has a double benefit.
Start a hobby to make money. Actually I should say, starting a business. If you really want to learn how to pay less tax, then this is the key to its success and the easier and cheaper to implement. You can not handle your business as a hobby, though, or you risk losing all your tax deductions / expenses of the business. But if you learn how to turn that hobby into a goldmine tax deduction, which is the formula on how to pay less tax
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