Save Income With Tax Saving Techniques
Tax saving is a common agenda for individuals, and businesses of all types and nature in Philadelphia. Every person and entity wishes to save maximum money from their hard-earned income to enjoy profitable returns.
At Affordable Accounting we strive hard to provide the best advice to all of its clients to help them earn the maximum after-tax income. Whether you’re a salaried individual with limited income or self-employed, every penny earned is accountable under the current taxation rules and regulations in Philadelphia.
We provide tax saving strategies for individuals including high net-worth and self-employed. Without much wait, lets get on.
Tax Saving Techniques for Individuals
- Defer Taxable Income
- Tax-Deferment Employer Plans - 401(k) or 403(b)
- Contribute to Traditional or a Roth IRA.
- Postpone Bonuses and Other Earned Income
- Stimulate Capital Loss and Defer Capital Gains
- Use the Gift-Tax Exclusion
- Tax-Exempt Municipal Bonds
- Charity Gifts
- Specific employer benefit plans to avail deductions on medical expenses
- Home Equity Loans and more
Most taxpayers ignore the relevance of managing adequate records which is crucial for financial management and staying safe off the IRS. Make sure you document every single entry to stay clear off any issues with IRS.
We are providing a checklist of general information to save e checklist items listed below are for general information only and should be tailored to your specific situation. If you think one of them fits your tax situation, we'd be happy to discuss it with you.