Posts tagged Tax Withholdings
How can I reduce the amount of my taxable income?
How can I reduce the amount of my taxable income?

You seem to be doing well overall with your financial strategy, so the focus will be on optimizing what you are already doing. The following are a few of the most common practices for reducing your income, although I'd need to understand more about your actual situation to be able to guide you in the right direction. I have also included the approximate amount you could reduce your taxable income by with each strategy.

  • CONTRIBUTE MORE TO YOUR WORKPLACE PLAN

  • SEE IF YOU HAVE A 457 PLAN

  • CONTRIBUTE TO HEALTH ACCOUNTS

  • SEEK A COMPREHENSIVE FINANCIAL PLANNER

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Tax PlanningJoshua Escalante Troesh, CFPTax Withholdings, Tax Planning
How Do I Change Tax Withholdings Without Exemptions
How Do I Change Tax Withholdings Without Exemptions

The newest IRS Form W-4 provides a new process to accomplish the same goal as exemptions did in the past. In fact, the new form more clearly connects setting your withholdings with the process you will use in April to fill out Form 1040 and file your taxes.

ALSO COVERED:

  • Filling out the form

  • Getting to an exact withholding number

  • Getting payroll estimates from HR

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Tax PlanningJoshua Escalante Troesh, CFPTax Planning, Federal Income Tax, Exemptions, Form W-4, Tax Withholdings