How can I get my taxes reduced?
Unlike tax credits, tax deductions do not reduce your tax bill dollar for dollar. Instead, tax deductions reduce your taxable income.
How can I reduce my tax burden?
The easiest way to reduce your tax bill is to reduce your taxable income by utilizing tax deductions.
If you itemize deductions, you must file the long Form 1040 and Schedule A. But the extra hassle is worth it if it reduces your tax bill.
Types of Charitable Trust
Setting up a charitable trust is a great way to support the charities you are passionate about while also lowering your tax burden. If done properly, you can also provide for your family or other beneficiaries at the same time. In the U.S., there are generally two types of charitable trusts, which you should discuss…
Refundable Tax Credits
When filing your income taxes each year, you may seek to lower the amount of taxes you owe, seek the largest possible refund, or avoid paying more in taxes than you are legally required to pay. Tax credits can help accomplish all of these objectives. Typically, there are two types of tax credits available to…
