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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is those approximately 3,000 dollars.



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3) Perhaps opened up an IRA or Roth IRA. One does don't have a retirement plan at work, whatever amount you contribute up to a specific dollar amount could be deducted with your income to lower your in taxes.

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Defer or postpone paying taxes. Use strategies and investment vehicles to turned off from paying tax now. Pay no today an individual can pay tomorrow. Have the time use of your money. More time you can put off paying a tax trickier you have the use of one's money inside your purposes.

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