TAX SAVING TREATS YOU CAN IMPLEMENT:
1) ESTABLISH A HOME OFFICE:
There are big tax deductions when you use your home office but knowing what can be included as part of the deduction can make the big difference.(No, house cleaning doesn't count, lol)
2) INCOME SHIFING:
The tax cuts and jobs Act created an opportunity to shift income to your under-age-18 child to make taxable income disappear.(NO, you can't deduct your 4 legged child's expenses, lol) Learn how to deduct your child's expenses, this could be the way.
3) CHOICE OF ENTITY:
Most CPA's miss out on planning opportunities by not recommending the correct business structure. Using this type of strategy alone could make a 15% difference on your next tax return.
4) MEDICAL EXPENSES:
Medical premiums, co-pays, pharmacy bills, dental costs and more more can be used to reduce your taxable income.
5) VEHICLES:
Combine the home office and a heavy SUV, crossover vehicle or truck to grab big deductions each year.
These strategies are just the tip of the iceberg of how we can save some money. There are dozens of loopholes, deductions, credits and strategies that can be leveraged for tax savings.
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