The Six Best Tax Breaks That Exist Today | The College Investor Podcast
In the United States, all people adhere to a single tax code. Whether you have a high income or a low income, your taxation is governed by the same set of rules. But that doesn’t mean that all people pay the same tax rates.
In the absurdly byzantine rules of the tax code, different types of income are taxed differently. Plus, taking certain actions can help you legally avoid paying taxes. Ultimately, how you earn income, and what you do with your money once you earn it will dramatically influence how much you have to pay in income taxes.
Understanding how to arrange your finances to minimize your taxes can reward you with hundreds or even thousands of extra dollars to spend, invest, or give away as you see fit. Even if you’re not a high income earner (yet), knowing the tax code can be helpful. Your knowledge can help you grow your income in a tax-efficient way.
Want to learn more about minimizing your taxes? These six tax breaks are among the most accessible for everyday people. Plus, we’ll give you action steps to take so you can take advantage of them today.