3 METHODS TO GET YOU STARTED How Can You Pay Less on Your Taxes?
April is the month of filing your taxes. It can be tough to watch your hard-earned money be used to pay taxes. But there are some tips and tricks you can use to lower the cost of your taxes. The methods you can use vary depending on how you earn your money. Different types of income are treated differently by the IRS. Whether you earn a paycheck, are self-employed, make money from investments, or receive retirement income, each source of income has different tax rules and regulations. Regardless of how you make your money, here are a few tips to help you pay less on your taxes. Set up a defined benefit plan. A defined benefit plan is commonly known as a pension plan. These typically guarantee retirement plans for employees, and they are qualified to receive certain tax benefits such as tax-deferred investment growth or tax deductions for contributions. Most people are only aware of the 401(k)s as an employer retirement plan. But defined benefit plans are funded entirely by the employer. Eliminate taxes on investments gains. Most millionaires and billionaires pay little to no taxes on their investment portfolios. You can explore a few ways not to have any taxes on your investment gains. You can keep your profits in tax- advantaged accounts such as a 401(k), IRA, or Roth IRA. Although
you won’t have to pay taxes on these each year, you will have to pay those taxes when you decide to withdraw certain investments, such as your IRA.
Another method to explore is tax-efficient investing. When looking at whether to buy or sell your investments, you can avoid short-term capital gains, which are taxed on regular income. So, if you choose wisely on what to buy and sell, you can avoid this tax. Utilize tax loss harvesting. During this process, you’re selling specific shares of your investments at a loss to reduce your taxes. You can use $3,000 of short-term losses to balance your regular income. If the investment is a long-term loss, selling it can help offset other gains you’ve sold for profit. This method can help you rebalance some of your assets and lower your taxes. If you want more information and tips on how you can lower your taxes, allow your friends at DuPont Wealth Solutions to help. We will be happy to look at your assets and see which method will work best for you and your needs.
SUDOKU
ONE-PAN CHICKEN TACOS
Inspired by TasteOfHome.com
This recipe from TikTok user @violet.cooks almost broke the internet — and you’ll see why! The fried tortillas make it out-of-this-world delicious.
INGREDIENTS
1 lb chicken breasts, sliced into 1-inch pieces
Canola oil (for frying)
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Corn tortillas
2 tbsp garlic powder
Grated cheddar cheese
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2 tbsp cumin
Pico de gallo and guacamole salsa (to taste)
2 tbsp chipotle powder
DIRECTIONS
1. In a mixing bowl, combine the chicken pieces, garlic powder, cumin, and chipotle powder. Mix until the chicken is coated. 2. In a frying pan, heat the oil. When the oil is hot, add the chicken mixture. Cook on medium heat for 5–8 minutes. 3. Remove the chicken from the pan, and add the corn tortillas (avoid overlapping) so they soak up the juices. Flip the tortillas and repeat. Then, add chicken and grated cheddar to each tortilla and fold it over the filling — in the pan. 4. Cook the tacos for 3 minutes per side until the tortillas are crispy and the cheese is melted. 5. Top with pico and guacamole salsa, and serve!
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