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How to Legally Pay Less Tax

Paying your fair share of taxes is important, however paying more than your share should never be a goal.

In fact, the IRS itself offers many excellent resources that can help taxpayers further understand how to achieve maximum benefit from tax deductions and tax credits.

Understanding the credits listed on the IRS website can greatly reduce taxes on an annual basis. Putting more money in your pocket can be as easy as taking full advantage of the IRS website resources.

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Even staying up-to-date on the latest tax laws and changes in tax law can save a taxpayer thousands of dollars each and every year. One example of an excellent way to save money on taxes is to maximize retirement account contributions.

In most cases contributions to a retirement account allows a taxpayer to deduct the total amount from taxable income. This serves to reduce total taxable income quite substantially in many instances. Best of all, funds invested in a retirement account will only continue to grow over time.

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Equally effective is contributing the maximum amount to a health savings account. Talk with your Atlanta tax lawyer with regard to your specific medical plan. As with a retirement account, the funds that are applied to a health savings account will grow tax-free over time.

Another great way of saving money on taxes is to consider combining a vacation with a regular business trip. This helps to lower vacation costs and enables a business owner to write off the vacation in a safe and legal way. Everything from airfare to hotel bills can be written off.

Cost Of Utilities

In addition, those wishing to save money on taxes should take full advantage of home office deductions. Those who work for themselves or who work at home should be thoroughly familiar with the home office deduction as a way to save money.

Deducting a percentage of your home that is used for business purposes simply makes smart financial sense. Even the cost of utilities can be calculated and consider when using the home office deduction.

Professional Publication Subscriptions

Finally, self-employed individuals are in most cases entitled to a wide range of tax deductions. Work with your Atlanta tax expert to know for sure what is available in this regard.

Everything from shipping expenses to mileage and advertising as well as website related fees and Internet service charges can be deducted when conducting business from home. In addition, membership-dues and professional publication subscriptions as well as business-related travel and office supplies can be written off by home-based businesses.

Taxpayers should also take into account the earned income tax credit as a way to lower their annual tax bill. Consider these simple strategies in order to legally pay less tax as tax season approaches. Visit a professional today to save money. Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today to learn more.

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