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There are a number of tax-saving strategies for high-income earners that can help to reduce what you owe. The key is knowing which ones to implement, based on your specific financial situation.
A tax deduction reduces the amount of taxable income, resulting in a lower tax bill. Taxpayers have two options when it comes to claiming deductions: standard deductions and itemized deductions.
How to Pay Less Taxes: Proven Strategies to Reduce Your Tax Bill. Effective tax planning can significantly lower your taxable income, potentially saving you thousands annually and freeing up more ...
One way high-earners can reduce their tax liability is by contributing the maximum allowable amount to retirement accounts such as 401(k)s, IRAs and SEP IRAs, all of which can significantly reduce ...
Yet the most recent IRS data showed that the average tax rate for the top 1% of individual taxpayers (based on adjusted gross income) was just around 26%. Unlike tax evasion, which can land you in ...
"Increasing 401(k) contributions can help reduce taxable income for the future year," says Lawrence. "Having a good understanding of your situation can help determine the most advantageous way to ...