Saving taxes is
something most people look forward to especially when it is officially time to
pay taxes. According to Ed LLoyd & Associates PLLC, there are a number of ways to save taxes only if one
focuses on following them religiously. The experts from the company and the CEO
have come up with some of the best and easiest ways to lighten the burden on
taxes this year.
Earned Tax Credit
Do you qualify
for this? Well, this is applicable to those who come under the category – ‘Low
to Moderate income taxpayers. Here, one can easily get credit of about $6,000. Hence,
Ed LLoyd & Associates PLLC recommends
those with salaries below $50,000 to examine whether the Earned Income Tax credit
is applicable to them.
The Retirement Money
If you are
willing to save more for retirement, then it is possible to save on taxes too.
Here, you simply need to agree towards reducing your paycheck voluntarily via
increasing contributing towards retirement. Now this may seem to be quite
inconvenient initially but offers a number of benefits in the long term. It
helps you increase retirement savings. Another benefit according to Ed Lloyd CPA, CEO of the company, is
lowering the tax burden.
Start a Business
This is true!
Starting an enterprise can help you reduce burden on taxes. This is mainly
because business owners are capable of taking good control over paying taxes.
They are allotted with an option keep more money in the company and then
showing it as income. Some of the expenses can also be counted as deduction
from taxes.
The Kids
Parents are
offered many benefits such as child care expenses credit, tax credit for
children, which is valued upto $1,000 for a child under the age of 17. According
to Edward LLoyd, Children can show
more number of dependents in one’s household for deductions of taxes. Payments
given towards alimony are also considered tax deductible.
To know more
about saving taxes and benefits, read - Best Advice on Financial Problems Faced by Young Generation by Ed LLoyd & Associates
