Salary Job Taxes: How to Pay Less in 2025 (Tips & Tricks)

Опубликовано: 01 Январь 1970
на канале: Kevin - Financial Tutor

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No one likes to pay more taxes then they have to! This video talks about how to pay as little taxes for your salary job.

We discuss the fastest and easiest way to save money on lowering your taxes each year through work pre-tax programs, investing, and other means to dramatically reduce your taxable amount each year. This can be the difference between owing the IRS money each tax season or actually getting a rebate on your taxes.

This video mostly focuses on income from working a full time salary job, otherwise known as W-2 income. If you are interested in seeing a separate video on how to pay less taxes as contractor, 1099 job, or business owner leave common down below!

Timestamps
0:00 - Intro to lowering your taxes
0:21 - Background to to lowering your taxes
1:25 - Save taxes through employer
4:22 - Save taxes through your investments
4:56 - Other ways to save on taxes
5:34 - Example how to save money on taxes
7:10 - Outro to lowering your taxes

#savemoneytips #howtosavemoney #taxes2024 #waystosavemoney #savingmoney

Learning about taxes may not be the most exciting topic, but saving money certainly is! This video cuts through the jargon to deliver straightforward advice on minimizing your tax burden. One key strategy is leveraging pre-tax dollars for essential expenses like medicine, doctor's visits, transportation, and more. By shifting your salary into pre-tax dollars, you could potentially save 20 to 40% when tax season rolls around. Employers often offer convenient programs to facilitate this process, providing debit cards for easy and efficient expense management.

There are three main avenues for tax savings: employer programs, investments, and other deductions. Employer programs, encompassing medical, transportation, and investment plans, can be a goldmine for tax reduction. Whether it's using pre-tax dollars for public transport or allocating funds for dependent care, these programs are easy to set up and automate, ensuring you don't miss out on substantial savings.

Shifting focus to investments, contributing to an IRA retirement account or utilizing tax-loss harvesting techniques can further trim your tax bill. Investing in a 529 plan for your child's education, though not federally deductible, can yield state-level tax advantages. Smart investment strategies can go a long way in reducing your overall tax liability.

If you found this video helpful, don't forget to hit the like button and share it with a friend. For more targeted advice, drop a comment below if you'd like a separate video on tax-saving strategies for contractors, 1099 workers, or business owners. Remember, while these tips are valuable, it's always wise to consult with a certified tax professional for personalized advice tailored to your unique situation.

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