Who doesn’t want to save on taxes? We all want that little plan that helps us avoid the taxes altogether. It’s not easy to save them every time but certain tax-saving tips can help you avoid paying unnecessarily.
With years of experience in tax planning, experts at Ed Lloyd & Associates share some tips:
Do You Qualify For Earned Income Tax Credit?
This is a mistake much makes. Sometimes you don’t even know if you come under the tax slab so it’s most important to find that out before you take any steps. Ed Lloyd & Associates PLLC explains, earned income tax credit that applies to moderate and low-income taxpayers can offer credit till about $6,000. Experts often assert that anyone who earns less than $50,000 should ask their accountants if this credit applies to them. There are many times when you do not even qualify for this and don’t realize it they so lose out on the benefit.
Become An Entrepreneur
When you become a businessman, you have more control over your taxes. Ed Lloyd CPA points out that you have the liberty to keep money in your company’s account instead of taking earning it as income. And then you can easy put certain costs under expenses. Even more, accounting experts can easily help businesses to navigate through the norms on taxes that keep changing and guide you on how to avoid certain taxes. You have more options of keeping your money as savings and don’t have to worry about paying tax on everything earned. Since it’s your own business things can be altered to get you the best saving plan.
College Saving Plans
There are very few parents who create 529 college savings accounts for their kids. So, basically, you miss out the tax benefits. Parents don’t have to pay taxes on earnings so long as you have tuition to pay for.
Get your best saving plan today and walk into a profitable future.
Need advice on post-retirement taxes? Have you planned it yet? If not, get some tips here – Understand What 401 (k) Has In Store For You With Ed Lloyd & Associates PLLC