Understanding taxes helps you keep more of what you earn – and basic tax knowledge can save you money every year.
Learn the difference between tax deductions (which reduce taxable income) and tax credits (which reduce taxes owed).
Maximize your contributions to tax-advantaged accounts like 401(k)s, IRAs, and HSAs.
Keep good records of tax-deductible expenses throughout the year, including charitable donations and business costs.
If you’re self-employed, understand quarterly estimated tax payments and business expense deductions.
Tax software or professional help can ensure you’re claiming all available deductions and credits.
Are You Maximizing Your Tax Deductions? 4 Common & 4 Uncommon Types
