How to Reduce Income Taxes in 2023

#taxplanning #incometax #retirementplanning

In this video, we're going to talk about three ways to potentially reduce your income taxes in 2023. These strategies could potentially save you hundreds or thousands of dollars.

Our goal is always to help our clients keep as much of their hard-earned income or retirement savings rather than paying that money to the IRS. The decisions you make not only impact you today but they could have long-lasting effects on your finances.

As always, you'll want to consult with your tax and financial professional to determine which of these strategies may or may not apply to you.

Here's what we cover in this financial video:
0:00 - Intro
2:11 - Strategy #1: Contribute to a Health Savings Account
3:54 - Strategy #2: Charitable contributions
4:51 - Strategy #3: Contribute to a tax-deferred account

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[jo-annmacneill]

hello, I have a question do you know how they always say you can contribute a certain dollar amount to your IRA or your Roth IRA either one you have until April 15 or something like that? What if I do my taxes in February do I have to say how much I'm going to put or how does that work? Thank you.