With inflation driving up prices and straining our budgets, we’re all looking for ways to save money. That includes increasing our take home pay by reducing the bite taken out of our paychecks by the government.
That’s why in this episode of the podcast I wanted to talk about ways in which you can increase your tax deductions and decrease your taxable income. Also, because people are often afraid to do this because they fear an audit, I will also talk about audit red flags and how to avoid them.
In this episode you will learn:
- How your college education can help pay your taxes
- How to leverage state sales tax to lower taxes
- How personal mortgage insurance can help
- How unreported income and mistakes can lead to an audit
- How the home office deduction can get you in trouble
Links & Resources
- Legal Secrets to Reducing Your Taxes (U.S. News & World Report)
- 9 Red Flags That Could Trigger a Tax Audit (U.S. News & World Report)
- What Is the 50/20/30 Budget Rule? (Investopedia)
If you enjoyed this episode, you might also like:
- Episode 80: Health Savings Accounts and the Affordable Care Act
- Episode 92: Making More Money with a Side Hustle