Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question. I'd love to help you with your tax planning
tonight. It's true that a retirement account can lower your taxable income. The first place to look is to your employers, to see if they have a 401(k) plan you can participate in. This would provide the best tax benefits for you. Your employer will put some of your pre-tax dollars into your account, and then at the end of the year you will have less taxable income.
There is an IRA account that can do the same thing, but your income level is in the phaseout zone, so I'm afraid that it would not give you much of a tax benefit. In addition, the deduction
would only be up to $5,500 so while that's good - it's not great.
To lower tax, you can make energy
efficient upgrades to your home, or start a home based business. Children are also good tax deductions
Thanks again for your question. Please let me know if you need further clarifications.
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