Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

Want to Reduce Your Taxes? Here Are 7 (Necessary) Tips 

February 23, 2023 · Taxes
retirement, taxes
Photo by Andrey_Popov From Shutterstock

2. Don’t forget about your retirement account

Experts say that another easy way to lower the amount of taxes you have to pay each year is by opening your retirement account. The best part is that this method can be used by anyone. If you’re a young adult who thinks that you don’t need something like this, you’re going to retire someday, aren’t you? See, so you need it.

If you think of opening a traditional 401(k) plan or an IRA account, those amounts of money can actually be deducted from your taxable income, which means that you won’t have to pay as many federal taxes as you would’ve without this method. And that is not all: those funds also grow without any taxes until you decide to retire. Isn’t that great?

If the first 2 types of accounts mentioned aren’t for you, you can open a Roth account, which is funded with after-tax dollars. However, you won’t receive any tax deduction, but the money that is in that specific account will grow tax-free, and you’ll also be able to withdraw it in retirement without paying anything extra.

Don’t forget that you should make your contributions to workplace 401(k) accounts by the end of the calendar year (by the end of 2023, for example), while tax-deductible contributions for traditional IRAs can be made until the tax-filing deadline.

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • A senior couple reviews their household budget on a laptop in a bright, modern kitchen. Social Security's 2027 COLA Could Be the Smallest in Years
  • A person showing a digital discount coupon on their phone to a pharmacist at a bright, modern pharmacy counter. TrumpRx Is Here - But Will It Actually Lower Your Drug Costs?
  • A happy couple shopping with a full cart at a warehouse club in 2026. Top 10 Sam's Club Deals You Can't Ignore in 2026
  • A couple shopping for high-end deals at a modern warehouse store. 12 Costco Deals Shoppers Are Jumping on for 2026
  • A high-end desk setup with a Social Security card and a gold pen, representing presidential financial benefits. Is Trump on Social Security? A Look at Presidential Benefits
  • A person thoughtfully choosing a card from their wallet at a checkout counter. 5 Places to Avoid Using Your Debit Card and 3 Safe Spots
  • A mature couple looking at a tablet together on a sunny patio, appearing confident about their financial future. Married or Divorced? Don't Miss This Social Security Tip That Could Increase Your Checks
  • A confident woman working on her taxes at a bright, organized home office desk. IRS Alert: 6 Mistakes That Could Inflate Your Tax Bill
  • A woman looks thoughtfully at a tablet in a modern kitchen, representing financial planning for rising costs. Unfortunately, We'll Pay More for These 6 Things in 2026
  • A woman smiling at her phone in a bright living room with a delivery package on the table. The Best Amazon Prime Perks You Should Be Using in 2026

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

change return

9 States That Made Big Changes to Their Tax Laws

#2 Iowa If you have some older relatives or you think you may be up…

Read More →
prepare early for the tax season avoid

8 Unexpected Reasons to Prepare Early for The Tax Season

2. More time to pay taxes you owe Let’s face it: Receiving bad news earlier is…

Read More →
new 2024 tax plan

Biden Proposed a New 2024 Tax Plan (and You Should See It Now)

Net investment income tax (NIIT) The NIIT on income over $400,000 would include all flow-through…

Read More →
tax breaks for retirees

Over 65? Check Out These 5 Tax Breaks!

If you want to save some money, you need to know that there are many…

Read More →
expenses to say goodbye to Kamala

American Economy if Kamala Harris Wins: A Breakdown

A shopkeeper and customer share a warm moment, illustrating the small businesses that drive community…

Read More →
tax documents

7 Important Tax Documents to Never Throw Away

Hands carefully sorting through an accordion file folder to ensure important tax documents are organized…

Read More →
Tax credits, reduce, veteran, climate return

Here Are 10 Tax Credits You May Qualify For

While all tax software are a shortcut through which you can find any eligible tax…

Read More →
tax return

6 Tax Return Secrets Most Accountants Hide From You

2. Things can change after filing for divorce It’s well known that getting married can…

Read More →
IRS refund

Tax Refund Alert: Americans May See a $1,000 Increase in 2026

Why Tax Refunds May Be Bigger in 2026 One key reason refunds may be larger…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.