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How do I decrease the amount of taxes I owe

I owed a lot this year 

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4 Replies
CatinaT1
Expert Alumni

How do I decrease the amount of taxes I owe

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.

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How do I decrease the amount of taxes I owe

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 

TomD8
Level 15

How do I decrease the amount of taxes I owe

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.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

How do I decrease the amount of taxes I owe

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

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