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Tax Planning Basics 3 Ways to Reduce Your Taxes The goal of tax planning is to arrange your financia

TaxPlanningBasics 3WaystoReduceYourTaxes Thegoaloftaxplanningistoarrangeyourfinancialaffairssoas tominimizeyourtaxes.Therearethreebasicwaystoreduceyourtaxes, andeachbasicmethodmighthaveseveralvariations.Youcanreduceyour income,increaseyourdeductions,andtakeadvantageoftaxcredits. ReducingIncome AdjustedGrossIncome(AGI)isakeyelementindeterminingyour taxes.LotsofotherthingsdependonyourAGI(ormodificationstoyour AGI)--suchasyourtaxrateandvarioustaxcredits.AGIevenimpacts yourfinanciallifeoutsideoftaxes:banks,mortgagelenders,and collegefinancialaidprogramsallroutinelyaskforyouradjustedgross income.Thisisakeymeasureofyourfinances. Becauseyouradjustedgrossincomeissoimportant,youmaywantto beginyourtaxplanninghere.Whatgoesintoyouradjustedgrossincome? AGIisyourincomefromallsourcesminusanyadjustmentstoyour income.Thehigheryourtotalincome,thehigheryouradjustedgross income.Asyoucanguess,themoremoneyyoumake,themoretaxesyou willpay.Conversely,thelessmoneyyoumake,thelesstaxesyouwill pay.Thenumberonewaytoreducetaxesistoreduceyourincome.And thebestwaytoreduceyourincomeistocontributemoneytoa401(k)or similarretirementplanatwork.Yourcontributionreducesyourwages, andlowersyourtaxbill. YoucanalsoreduceyourAdjustedGrossIncomethroughvarious