Taxes, like death, are an unavoidable part of life. But why pay more than necessary? Understanding the regulations and making the most of your tax planning opportunities are the keys to lowering your federal income tax bill. One part of tax planning is personal deduction planning. Our objectives are to maximize your deductions in the most efficient manner and take all deductions to which you're entitled.
As a result of deductions, your taxable income is decreased!
Understanding how deductions operate is the first step. Next, you reduce specific deductions from your total income. Then, to determine your taxable income, you reduce various deductions and exemptions from your AGI. The amount of tax you owe is determined by your taxable income. As a result, the more significant your deduction amount, the smaller your tax liability will be.