How can I reduce my taxable amount?

Recommended ways of saving taxes under Sec 80C,80D and 80EE

Make an investment of Rs 1.5 lakh under Sec 80C to reduce your taxable income.
Buy Medical Insurance, maximum deduction allowed is Rs.
Claim deduction up to Rs 50,000 on Home Loan Interest under Section 80EE.

How much money do you have to make to not pay taxes?

The minimum income amount depends on your filing status and age. In 2020, for example, the minimum for single filing status if under age 65 is $12,400. If your income is below that threshold, you generally do not need to file a federal tax return.

Do you save money by doing your own taxes?

Doing your own taxes can save you time, money and aggravation. A few smart steps along with some thoughtful planning may help ease the pain of tax preparation. Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions.

How can small businesses save money on taxes?

Here are ten ways for small business owners to save money on business taxes: Incorporate your business Sole proprietorship and partnership are two of the most taxed business entities. Make your business home based Doing so will help you reducing business overheads and enable you to write-off or deduct business expenses of your home.

How do the wealthy save money on taxes?

Here are 5 ways the super-rich manage to pay lower taxes Charitable donations. Giving money to non-profit organizations has long been a way for the wealthy to get a deduction on their taxes. Increasing equity exposure, managing gains. Managing assets like a business. Estate and gift exemptions. Defined-benefit plan.

How can a tax accountant save you money?

5 ways accountants can save you money Tax advice. Tax regulations can be a maze and it can be very difficult to stay abreast of all changes to the law, particularly as your tax position changes based Cash flow and financial forecasting. Growing your business. Freeing up your time. Stamping out mistakes.