In the previous entry,'12 tipos de ingresos pasivos que no están sujetos a impuestos' I shared some of these incomes that do not declare taxes. However, if you are receiving taxable income, there are steps you can take to reduce your tax bill. Some of the best options include the following.
Using tax-deferred accounts
By keeping assets in tax-deferred accounts such as IRA and 401(k) plans, you won't have to pay taxes on your income and gains until you withdraw the money from the account. In the case of a Roth IRA account, you may never have to pay taxes on your distributions. For traditional IRA accounts, 401(k) plans, and other qualified retirement accounts, you could also claim a tax deduction for your contributions.
Holding for the long-term
Holding investments for the long term not only helps you avoid multiple taxable transactions but also allows you to take advantage of lower tax rates on long-term capital gains.
Tax Loss Harvesting
If you have unrealized losses in your portfolio, you can harvest those losses and use them to offset any taxable gains you've incurred during the year. If your losses exceed your gains, you can use up to $3,000 per year to reduce your ordinary income.
You always have my guidance, for questions and consultations, call me.
I am YOUR TAX FRIEND.
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