{"id":27009,"date":"2022-03-24T23:21:01","date_gmt":"2022-03-24T23:21:01","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/smart-ways-to-lower-your-taxable-income\/"},"modified":"2022-03-24T23:21:01","modified_gmt":"2022-03-24T23:21:01","slug":"smart-ways-to-lower-your-taxable-income","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/smart-ways-to-lower-your-taxable-income\/","title":{"rendered":"Smart Ways to Lower Your Taxable Income"},"content":{"rendered":"<div><img decoding=\"async\" width=\"768\" height=\"512\" src=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-768x512-1.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"\" loading=\"lazy\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" srcset=\"https:\/\/c1mdevsite.com\/mdctraining.ca\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-768x512-1.jpg 768w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-300x200.jpg 300w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-1024x683.jpg 1024w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-1536x1024.jpg 1536w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-2048x1365.jpg 2048w, https:\/\/watershardy.com\/wp-content\/uploads\/2022\/03\/pexels-nataliya-vaitkevich-6863335-scaled-e1648119128484.jpg 900w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\"><\/p>\n<p><span data-contrast=\"auto\">All taxpayers have one thing in common- they all want to lower the amount of taxes they owe every year. In fact, <\/span><span data-contrast=\"auto\">how to lower taxes is one of the most common financial planning concerns among individuals and business owners.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Our tax experts at Waters Hardy have heard this concern many times over the years and we have made it our business to master all aspects of tax planning and compliance. We can assure you that we provide different options to legally lower your taxes, including smart ways to lower your taxable income.\u00a0<\/span><span data-ccp-props='{\"335551550\":1,\"335551620\":1,\"335559740\":259}'>\u00a0<\/span><\/p>\n<h2><span data-ccp-props=\"{}\">\u00a0<\/span><b><span data-contrast=\"auto\">What is Taxable Income?<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">For each dollar you earn from your employer, you must pay a certain amount in taxes based on your\u202f<\/span><a href=\"https:\/\/www.cnbc.com\/select\/how-does-salary-and-income-impact-your-credit-score\/\"><span data-contrast=\"auto\">level of income<\/span><\/a><span data-contrast=\"auto\">\u202fand\u202f<\/span><a href=\"https:\/\/www.cnbc.com\/select\/states-with-no-income-tax\/\"><span data-contrast=\"auto\">where you live<\/span><\/a><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">Taxable income is the portion of your gross income used to calculate how much tax you owe in a given tax year. It\u2019s basically your income\u202fminus allowable deductions.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Taxable income includes wages, salaries, bonuses, and tips. Additionally, investment income and various types of unearned income qualify as taxable income, as well. <\/span><span data-contrast=\"auto\">There are many legal ways to lower your overall taxable income to minimize your tax bill, without taking a pay cut.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Smart Ways to Lower Taxable Income and Lower Taxes<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<h3><b><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a01) Contribute to Retirement Savings<\/span><\/b><span data-ccp-props='{\"335559685\":270,\"335559991\":270}'>\u00a0<\/span><\/h3>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">401(k)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><span data-contrast=\"auto\">When you make\u202f<\/span><a href=\"https:\/\/smartasset.com\/retirement\/401k-calculator\"><span data-contrast=\"auto\">contributions to your 401(k)<\/span><\/a><span data-contrast=\"auto\">, you do it on a pretax basis. Essentially, some of the money earned through your work goes directly into the account before taxes are taken out of it. That<\/span><span data-contrast=\"auto\"> reduction from your take-home pay lowers your taxable income. As a result, you pay less income tax.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u00a0IRA<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Each year, you can<\/span><span data-contrast=\"auto\"> contribute to an IRA <\/span><span data-contrast=\"auto\">a total of $6,000, or $7,000 if you\u2019re 50 or older. Contributions to a traditional IRA are generally deducted from your taxable income immediately. The investments in your account grow tax-free until you start making withdrawals after you turn 59 \u00bd, when you\u2019ll owe income taxes on distributions.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">\u00a0 \u00a0 2) Contribute to Flexible Spending or Health Savings Accounts <\/span><\/b><span data-ccp-props='{\"335559685\":720,\"335559991\":720}'>\u00a0<\/span><\/h3>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FSA (Flexible Spending Account)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">The IRS lets you move tax-free dollars directly from your paycheck into your FSA to use during the calendar year for medical, dental, and some related expenses for yourself and your qualified dependents.<\/span><span data-ccp-props='{\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><span data-contrast=\"auto\">In 2022, the limit was raised to $2,850.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"2\"><span data-contrast=\"auto\">In the past, all money designated to FSA had a use-it or lose-it policy that must\u2019ve been used by the end of the year. <\/span><span data-contrast=\"auto\">As part of the\u202f<\/span><span data-contrast=\"auto\">Consolidated Appropriations Act, employers<\/span><span data-contrast=\"auto\"> can allow employees to carry over all unused funds from 2021 to 2022. Otherwise, they can extend the grace period from 2.5 months to 12 months.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">HSA (Health Savings Account)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">If you have a high-deductible health care plan, you may be able to lower your tax bill by contributing to a health savings account, which is a tax-exempt account you can use to pay medical expenses.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true,\"335559685\":720}'>\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Contributions to a HSA are tax-deductible, and the withdrawals are tax-free, too, so long as you use them for qualified medical expenses.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">For 2022, the individual coverage contribution limit is $3,650.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">If you have high-deductible family coverage, the contribution limit is $7,300 for 2022.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">If you\u2019re 55 or older, you can put an extra $1,000 in your HSA.<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">It\u2019s worth noting that your employer may offer an HSA, but you can also start your own account at a bank or other financial institution.\u00a0<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/li>\n<\/ul>\n<h3><b><span data-contrast=\"auto\">\u00a0 \u00a0 3) Donate to Charity<\/span><\/b><span data-ccp-props='{\"335559685\":270,\"335559991\":270}'>\u00a0<\/span><\/h3>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Over the last two years, the pandemic has particularly affected those in need. Many charities are struggling as donations remain down. As a result of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, special changes in the law impacting charitable contributions and deductions remain in effect for the 2021 federal tax returns.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Under the temporary law, taxpayers don\u2019t need to itemize deductions on their tax returns to take advantage of this. However, it creates tax-favorable donation options not normally available to about 90 percent of tax filers.\u202fThe deduction lowers both adjusted gross income and taxable income, and that translates into tax savings for those making donations to qualifying tax-exempt organizations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">There are three major changes that were impacted by these temporary acts.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Deductions for Individual Charitable Cash Donations up to $600.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Corporate Deduction Limit Increased<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Business Deductions for Food Donations<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">There are many special circumstances to consider since not every charitable donation qualifies in the same way. So, it\u2019s wise to seek the help from our professional tax experts at Waters Hardy, as we are able to guide you through the process so that you see the greatest return possible for your charitable contributions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a04) Sell Bad Stocks<\/span><\/b><span data-ccp-props='{\"335559685\":270,\"335559991\":270}'>\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">Stock investments can either make money (capital gain) or lose money (capital loss). If your stock investment capital losses exceed your gains, you have a net loss. The IRS allows you to deduct a capital loss from stock or other investment that has lost money from your taxable income.<\/span> <span data-contrast=\"none\">Your claimed capital losses will lower your taxable income and reduce your tax liability.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The IRS limits your net capital loss in any tax year to $3,000. Any unused capital losses do not expire and are rolled over to future years.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Be aware though, you should sell a stock only if you need to and not sell just to avoid taxes. If you buy back the stock you sold within 30 days, your deduction will be withdrawn.\u00a0<\/span><span data-ccp-props='{\"134233117\":true,\"134233118\":true}'>\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Start Lowering Your Taxable Income in 2022 Now<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">There are many factors and rules that affect your tax situation, and it\u2019s important to have the help of experts with all of your tax prep needs. We know exactly what to look for and what to consider when lowering your taxable income.<\/span><span data-ccp-props='{\"335551550\":1,\"335551620\":1,\"335559740\":259}'>\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Our team at Waters Hardy can not only help you determine the best way to lower your tax bill, but we can also help you figure out what your<\/span><span data-contrast=\"auto\"> expected tax bill <\/span><span data-contrast=\"none\">might be. This way, you can plan for a better financial future.<\/span> <span data-contrast=\"auto\">Tax season will be over before you know it!\u00a0 If you haven\u2019t filed your taxes already, now is the time to <a href=\"https:\/\/watershardy.com\/contact-us\/\">contact us<\/a> to expedite this process before the April deadline.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/smart-ways-to-lower-your-taxable-income\/\">Smart Ways to Lower Your Taxable Income<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/watershardy.com\/\">Waters Hardy and Co. P.C.<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>All taxpayers have one thing in common- they all want to lower the amount of taxes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27009","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smart Ways to Lower Your Taxable Income - MDC Training<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart Ways to Lower Your Taxable Income - 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