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New Member
posted Apr 19, 2024 8:18:31 AM

How do I decrease the amount of taxes I owe

I owed a lot this year 

0 4 2266
4 Replies
Level 15
Apr 19, 2024 8:43:33 AM

It depends on  your situation. Did you not have enough withholdings taken out of your wages? Are you self employed? We need more information on your tax situation to be able to answer.

Level 15
Apr 19, 2024 8:59:27 AM

First compare your 2022 and 2023 returns line fior line. perhaps you made an error.  Get this resolved ASAP because you are incurring penalties and interest for any late payment and filing 

Level 15
Apr 19, 2024 9:16:24 AM

One of the best ways to lower your tax bill is to contribute as much as you can (up to the allowable limit) to your employer’s 401k plan, if they have one.  Every dollar you contribute to your 401k is a dollar that isn’t taxed this year.  Plus you’re building towards your future.

New Member
Apr 19, 2024 10:57:51 AM

I’m so grateful for this advice. Thank you very much.