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Revision as of 11:54, 23 October 2024

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Estimate your gross money flow. Monitor the tax write-offs that you may be able to claim. Since many of them are based upon your income it is good to plan in advance. Be sure to review your income forecast the past part of the year to determine whether income could shift in one tax rate to one additional. Plan ways to lower taxable income. For example, decide if your employer is willing to issue your bonus in the first of the year instead of year-end or maybe you are self-employed, consider billing client for function in January as opposed to December.

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