The IRS offers plenty of ways to reduce your taxable income and your tax bill
, a spreadsheet of your own making, or a simple pen and paper. Whatever you'll actually use regularly is the best choice for you.If you have a small business but haven't yet incorporated, there could be valuable tax benefits for doing so. Emil Abedian, founder/CEO of, says running your small business as a S-corporation could potentially save you tens of thousands of dollars, for example.
The wages you pay them become a tax deduction for your business, which helps you reduce your taxable business income. If they in turn decide to put their salary in a 401 or IRA account, they can defer taxes on that income even further.5. Max out your retirement savings, including 'catch up' allowances
Also be aware that many retirement accounts let you contribute more if you're ages 50 or older. With a 401, for example, you can save an additional $6,000 per year in catch-up contributions. With an IRA, the catch-up component allows for an additional $1,000 in annual savings.Chequers Financial Management
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