7 Smart Ways to Lower Your Taxable Income
Reducing your taxable income is one of the most effective ways to lower your taxes, with some moves doing double duty as both deductions themselves and as a means to slide under income thresholds at which other taxes would kick in. What’s more, the prospect of tax reform via Donald Trump and the Republican-controlled Congress, which would produce lower rates, makes this strategy even more important now for many taxpayers.
While it’s late in the year now, there’s still time to take steps that will lower the amount of income you must report on your 2016 tax return. Take a look.