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Smart Ways of Offsetting Your Tax Bill

In today's economy it is more important than ever before to find ways to save money in a safe and legal way when it comes to taxes due. Here are a few excellent strategies for saving money on your tax bill on an annual basis.

For example, consider accelerating deductible expenses in order to save money. Anything from state and local taxes to medical bills or mortgage payments can be paid well in advance as a way to save money on your annual tax bill. Even making extra mortgage payments is an effective strategy.

IRA Tax Help In Atlanta

Equally important is to consider deferring income to lower your tax bracket. An IRS tax attorney can help you in determining how best to approach this particular aspect of tax savings.

Lowering your taxable annual income can be as simple as deferring year-end bonuses from your company. Asking your employer to defer writing a check until the new-year begins can have a big impact on overall tax burden.

Even savings bonds can be leveraged to save money on taxes.

Cash The Bonds

For example, those who have US savings bonds that are maturing later in the year can simply wait until the following year to cash the bonds.

Even though these bonds will still earn income, that income will not be taxed until the year in which the bond is actually cashed. In addition, those who are self-employed can defer taxes by delaying receiving payment on various items until the last day of the year has elapsed.

A taxpayer will not be taxed in the current year on anything that is received after January 1 of the new-year.

Atlanta IRS Tax Professional

Offsetting capital gains is another strategy that is highly effective at helping to lower the tax burden.

Those with considerable investments should look closely at their investment portfolio and talk with their Atlanta IRS tax attorney to make the best possible choices in this regard. For example, selling losing stocks as a way to offset capital gains has been proven highly effective over the years.

Losses can be deducted in full against other taxable income. Your Atlanta IRS tax professional should be consulted in this regard.

More Secure Future

Finally, always consider contributing the maximum amount possible to your retirement accounts. Leveraging retirement accounts in this way can have a substantial impact on lowering your tax bill.

Take full advantage of this break by working closely with your Atlanta tax help expert. When contributing to an IRA, remember that you are not only lowering your tax bill but are also building a more secure future. It is always to the taxpayer's advantage to make full and substantial contribution sooner rather than later when it comes to retirement accounts.

Best of all, taxpayers enjoy compound income growth by taking this approach to saving on taxes and building a more secure financial future. Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer for guidance and assistance in a wide range of tax related issues.

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