Tax Planning for Proven Sterling|My homework helper

Posted: March 8th, 2023

Tax Planning for Proven Sterling

SOLUTION

• Keep track of deductible expenses: Business expenses, such as office supplies, travel expenses, and equipment purchases, can be deducted from taxable income. Keep a record of all deductible expenses to reduce your taxable income. Make retirement contributions: Contributions to retirement accounts, such as IRAs and 401(k)s, can reduce your taxable income. Consider maximizing contributions to take advantage of these tax benefits. Time your income and expenses: You may be able to reduce your tax bill by timing your income and expenses in a way that minimizes your taxable income in high-income years.