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Legal tax-reduction tips

A recent post explored the sometimes very fine line between legal tax deductions or other methods used to minimize tax responsibilities and alleged criminal acts. Many Minnesota residents understandably want and even need to find ways to limit how much income tax they must pay. This does not by any means indicate that they are criminals or trying to get out of paying their fair share. It simply means they want to not pay more than they need to. The U.S. Tax Code acknowledges many ways that people can legally do this.

Accounting Today offers some insights into specific things you could investigate that might provide you with legal options for reducing your tax debt. Adjustments to your Health Savings Account or Flexible Spending Account are among these options. Your employer may offer you the opportunity to change your elections and you may want to do this. Leveraging shelter gifts is another way that you could benefit legally.

If you have outstanding claims for damages or insurance policies, settling these could adjust your tax picture. When you actually obtain income can make a big difference in your bottom line. For example, if you are slated to receive a bonus near the end of the year, you might want to evaluate if it is better for you to receive it in December or January.

If you would like to learn more about how to find the balance between legally reducing your tax burden and being accused of tax fraud, please feel free to visit the taxation violations page of our Minnesota tax fraud and violation website.

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