JW's Financial Coaching Podcast Lesson #68-Tip on how to reduce your taxes
Highlights of today's show:
After talking about four major tax myths in last weeks lesson, today we share tips on how to reduce your taxes for this upcoming filing season and beyond. Before we learn how to lower our taxes we first need to know the following three basic things:
After knowing these three basic things we can now discuss ways to lower our AGI. There are two major ways to do that:
Now that we have lowered our taxable income, we can now focus on tax credits. There are a lot of tax credits available to us, check out IRS.gov for a full list of 2013 tax credits but below are some common ones you may quality for:
Worn out yet? If so I don't blame you. After doing two lessons worth of shows on taxes I'm really frustrated with the tax system. At the end of the show I give my opinion (rant?) on the state of the current tax system and share why I think major reform needs to be made.
Finally we also discuss how the marketers on TV and radio definitely have a plan for your bonus and tax refund. They want you to buy a new car, take a vacation, or remodel your home. Not that those things are nice but do we you have a plan for your tax refund? Like our monthly income, a large financial windfall needs to have a plan to best be used effectively. For advice on how to handle your refund this year check out the podcast I did on receiving a financial windfall.
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