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April 19, 2024
Question

How do I decrease the amount of taxes I owe

  • April 19, 2024
  • 3 replies
  • 0 views
I owed a lot this year 

3 replies

CatinaT1
April 19, 2024

It depends on  your situation. Did you not have enough withholdings taken out of your wages? Are you self employed? We need more information on your tax situation to be able to answer.

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April 19, 2024

First compare your 2022 and 2023 returns line fior line. perhaps you made an error.  Get this resolved ASAP because you are incurring penalties and interest for any late payment and filing 

Employee
April 19, 2024

One of the best ways to lower your tax bill is to contribute as much as you can (up to the allowable limit) to your employer’s 401k plan, if they have one.  Every dollar you contribute to your 401k is a dollar that isn’t taxed this year.  Plus you’re building towards your future.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
April 19, 2024

I’m so grateful for this advice. Thank you very much.