Consider Using These Strategies! Do You Want Lower Income Taxes?
While no one likes to pay taxes, they are a necessary part of life. Although we aren’t entering tax season yet, there are still some strategies you can use to mitigate the impact of income taxes on your finances.
can help reduce your taxable income. It reduces your income tax liability because the money you put into these accounts isn’t taxed until you withdraw them during retirement. This is a great short-term strategy to reduce your income taxes. Donate to a qualified charity: While contributing to charities benefits the organization and thousands of people, it can also benefit you. Donating to
instead of a traditional 401(k). A regular 401(k) allows you to make contributions with pre-tax dollars, so you don’t pay taxes on the money you contribute. You also avoid taxes on earnings until you withdraw from the account. But with a Roth 401(k), you make contributions with after-tax money, meaning you won’t enjoy a tax break today. However, any money you withdraw later during your retirement will be tax-free. Knowledge is power when it comes to more of your wealth. If you have questions about income taxes, what deductions and credits you may qualify for, or how you can prepare for both the short-term and long- term impacts of taxes, allow your friends at DuPont Wealth Solutions to assist you.
HOW CAN YOU REDUCE YOUR INCOME TAXES? •
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Take advantage of tax deductions and credits: There are hundreds of tax deductions and credits that you may not realize you can use. Some popular tax credit options include the child and dependent care tax credit, lifetime learning credit, and earned income tax credit. For tax deductions, consider medical expense deductions, mortgage interest deductions, home office deductions, and self-employment expense deductions. Invest in retirement accounts: Investing in a 401(k) or traditional IRA account
a charity can help you reduce your taxes because you can deduct your contributions from your taxable income. Regarding your finances, it’s important to consider the long-term impacts of income taxes as well. One of the best strategies you can look into to benefit you farther down the road is a Roth 401(k). If your employer offers this plan, consider paying more in taxes now and contributing to that plan
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SUDOKU
APPLE CRANBERRY CRISP
Inspired by TasteOfHome.com
If you’re feeling old-fashioned, treat yourself to this warm and bubbly dish. Nothing says Thanksgiving quite like a classic apple recipe.
INGREDIENTS
3 cups peeled and chopped tart apples
1 tbsp lemon juice
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1/2 tsp ground cinnamon 1/2 cup all-purpose flour
1 1/2 cups cranberries
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3/4 cup packed brown sugar, divided
1/3 cup butter, cold
Vanilla ice cream (optional)
1. Preheat oven to 375 F. 2. In a large bowl, combine apples, cranberries, 1/4 cup brown sugar, lemon juice, and cinnamon. 3. Grease an 8-inch baking dish and pour the mixture into it. 4. In a small bowl, mix flour and the remaining brown sugar. Cut in cold butter until the mixture is crumbly. Sprinkle this over the fruit. 5. Bake uncovered for 25–30 minutes or until the topping is golden brown and the filling is bubbly. If desired, serve with vanilla ice cream and enjoy! DIRECTIONS
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