7 Smart Hacks To Save Some Extra Bucks On Taxes


BANGALORE: Tax payment has been confusing for many people. You can find a lot of people not wanting to hear the word "tax" again. You may be one of them. If you are thinking to legally pay less tax to the government, there are many ways which can help you. If you follow them, you can save almost half of your taxes.

Let’s take a look at some of the ways recommended by many professional tax preparers and tax managers:

1. Show less income

Tax deductions are mostly based on your income. If your income is low, you have to pay less tax. If you show more income, you need to pay more tax. The strategy is to show less income and more loss. Low income will result in a less deduction of tax from your budget. Reducing your income will be effective on reducing the amount of tax to be paid.

The amount of tax that you pay is dependent on the amount of your income. The reductions in income can be a large tax benefit for the small business owners. Stock more items after the end of this year and you will be free of tax of that stock.