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What Are Some Ways to Minimize Tax Liability?

Few of us want to pay more tax than we have to. Understanding the tax credits and deductions that we’re eligible for, and calculating them correctly, can mean the difference between owing more money at tax time or receiving a welcome refund. Here are three simple ways to minimize your tax liability.

Key Takeaways

  • The key to minimizing your tax liability is reducing the amount of your gross income that is subject to taxes.
  • Putting pre-tax dollars into a retirement plan like a 401(k) is one easy way to reduce your taxable income for the year.
  • If you sell an investment that has lost value, you can use that loss to offset other income.

Increase Retirement Contributions

Profit From Investment Losses

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