Question

In 50 words or more explain the following strategy for reducing current taxes: (a) maximizing deductions.

In 50 words or more explain the following strategy for reducing current taxes: (a) maximizing deductions.

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Answer #1

Every tax payer wants to minimise their tax obligation and for that purpose maximizing deduction is one the most important way to reduce the same.There are two ways through which a tax payer can take deduction and they are standardized deduction and itemized deduction ie. for medical and dental cost,charitable contibutions,environmental friendly purchases .The Internal Revenue Services (IRS) provides earned income credit as benefits for certain things like adoption credit,education credit,home buyer credit etc..Many deduction are designed to provide an incentive for people therefore it is advised to maximise deduction and reduce the current tax liablity

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