TAX PLANNING STRATEGIES FOR 2022 TAX YEAR WITH MISTAKES TO AVOID
track your spending
; you will notice that often taxes are the biggest expenses.
Because most taxes are usually deducted at source; we do not notice the huge bite taken by the government.
While one cannot avoid paying taxes; you should take all the necessary legal steps in order to minimize paying taxes via year end tax planning strategies.
Tax Planning for Individuals
Reduce Taxable Income
Max out your Pre-tax retirement contributions since this is the easiest way to reduce your taxable income.
The contributions are exempt from tax, the account grows tax deferred and you receive tax-free distributions when used for medical purposes.
Health Savings Account (HSA)
Flexible Spending Account (FSA)
The advantage of FSA is that the payroll deductions avoid both income and Social Security taxes.
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