Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
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Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.
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Knowing your tax bracket can make a large difference in your tax preparations. Check out this handy reference of updated ranges from the IRS in case your designated bracket has changed.
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A quick look at how federal income taxes work.
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