Hi All, This may seem like a very amateur question but what are some strategies to reducing your tax bill? This year my partner and I will pay 50k+ in tax. We have no assets apart from our cars and no debt. We have savings in our bank accounts. As you can see we like to keep things simple lol What can we do to reduce our tax bill or what kind of things should we be taking advantage of? Thanks everyone for your comments and advice
It boils down to 2 things A) reduce income, and/or B) increase expenses There are various strategies for both of these. See my tax tips for some.
Depends on your frame of reference. Are you referring to reducing tax on total income or a issue with facing a debt each year. Business, individual etc ? To eliminate paying tax is easiest strategy of the lot. It just comes with other issues. Like no income. Personally I love paying tax. I would love to get a $2m tax bill. There is no single one way to reduce tax and be efficient. decent tax advice to address all potential issues and then focus on each that are viable may be appropriate. Earlier the better.
