• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
Home
Call Us CALL US TODAY | (800) 301-8818
English
  • Página de inicio
  • Obtenga una cotización
    • Forma de rentas vitalicias
    • Retiro libre de impuestos solicitud de información
    • Solicitud de beneficios de seguridad social
    • Solicite información de renta de por vida
    • Solicitud de información de seguros de vida
    • Hipoteca y seguro de vida
    • Seguro de gastos final/entierro
  • Servicios financieros
    • Rentas vitalicias
    • IRA
    • 401 k
    • Planes de jubilación libre de impuestos
    • Prestaciones de seguridad social
    • Ingresos de por vida
    • Seguro de vida/hipoteca
    • Seguro de gastos final/entierro
  • Blog
  • Recursos
    • Premios
    • Actividades
    • Únete a nuestro boletín de noticias
    • Política de privacidad
  • Sobre nosotros
    • Acerca de Aim Inc.
    • Comentarios de clientes
    • Mapa de ubicación
    • Directorio de empleados
  • Contacto
Annuities IRA/401k ANNUITIES IRA/401K Read More
Tax Free and retirement plans TAX FREE RETIREMENT PLANS Read More
Social Security Benefits SOCIAL SECURITY BENEFITS Read More
Lifetime Income LIFETIME INCOME Read More
Life/Mortgage Insurance Insurance LIFE / MORTGAGE INSURANCE Read More
Final Expense FINAL EXPENSE/BURIAL INSURANCE Read More
Home > Es-Us > Blog > 7 Smart Ways To Lower Your Taxable Income!
MONDAY, JULY 22, 2019

7 Smart Ways To Lower Your Taxable Income!

7 Smart Ways To Lower Your Taxable Income!!
By: Sandra Block, Senior Associate Editor, Kiplinger's Personal Finance


Reducing your taxable income is one of the most effective ways to lower your taxes, with some moves doing double duty as both deductions themselves and as a means to slide under income thresholds at which other taxes would kick in.

While it’s late in the year now, there's still time to take steps that will lower the amount of income you must report on your 2019 tax return.

Top Off Your Retirement Savings Plan

Money contributed to an employer-sponsored retirement plan, such as a traditional 401(k), isn’t included in your taxable income. In 2019, you can contribute up to $18,000 or $24,000 if you’re 50 or older, by the end of the year. If you haven’t maxed out, ask your employer if you can make an additional contribution before December 31.

If you have self-employment income from a side job, you can sock away even more. You can contribute up to 20% of your net self-employment income to a Simplified Employee Pension, up to a total contribution limit of $53,000 for 2019. (Unlike 401(k) contributions, there’s no December 31 deadline for SEP deposits. You can make 2019 deposits anytime before the due date of your tax return.)

Another option: Depending on your income, you can also deduct contributions to an IRA, up to a maximum of $5,500 in 2019 (and $6,500 for workers 50 or older). You can make 2019 IRA contributions anytime before April 17, 2017. Roth IRAs, however, do not offer this upfront tax break because withdrawals are tax-free in retirement.

Read more here by clicking this link

Posted 8:00 AM

Tags: retirement, savings, 401k, tax free, deductions, taxable income,
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016

  • retirement(105)
  • money(77)
  • savings(72)
  • annuity(51)
  • lifetime income(43)
  • annuities(38)
  • planning(37)
  • upland(28)
  • 401k(24)
  • aim inc(22)
  • free evaluation(22)
  • social security(21)
  • investment(21)
  • ira(18)
  • income(18)
  • social security maximization(12)
  • tax free retirement plans(9)
  • tax free retirement(9)
  • pension(9)
  • money management(8)
  • life insurance(8)
  • iras(7)
  • investments(7)
  • retire(7)
  • finances(6)
  • financial services(6)
  • taxes(6)
  • stocks(5)
  • social security benefits(5)
  • aim inc.(5)
  • facebook(4)
  • financial planning(4)
  • financial solutions(4)
  • linkedin(4)
  • social secuirity benefits maximization(4)
  • ira's(4)
  • final expense(4)
  • twitter(4)
  • tax free(4)
  • low-cost life insurance(4)
  • 2017(3)
  • new laws(3)
  • truth tabernacle(3)
  • bloomington(3)
  • southern california(3)
  • health(3)
  • mortgage insurance(3)
  • life policy settlements(3)
  • family event(3)
  • investing(3)

View Mobile Version
Facebook
LinkedIn
Twitter
YouTube
Instagram
Twitter Logo
logo
logo

Resources

Home About Us Get a Quote                                    Newsletter Contact Us

Contact Us

a drawing of a face
  • 517 N Mountain Ave
  • Suite 106
  • Upland, CA 91786
  • Tel: 909-985-3659
  • Fax: 909-949-8353
  • E: info@aimincusa.com
© Copyright. All rights reserved.
Powered by Insurance Website Builder