Federal Income Tax Planning: Minimizing Liabilities and Maximizing Savings

Taxpayers should explore all available credits and ensure they meet the necessary criteria to claim them. Retirement savings accounts, such as Individual Retirement Accounts (IRAs) and 401(k)s, offer significant tax advantages. Contributions to these accounts are often tax-deductible or made with pre-tax income, reducing the taxable income for the year. Additionally, investment growth within these accounts is tax-deferred, allowing savings […]