How can I reduce my taxable income?
There are several ways to reduce your taxable income, some of which include contributing to a 401(k) or IRA account, making charitable donations, taking advantage of deductions and credits, and utilizing flexible spending accounts. Additionally, if you are self-employed, you may be able to deduct certain business expenses. However, it is important to consult with a tax professional to ensure that you are taking advantage of all available options and not running afoul of any tax laws.
This mind map was published on 17 May 2023 and has been viewed 66 times.
