Answer :
The key to lowering overall tax liability should be to reduce the percentage of your total salary that is subject to taxation.
Your income tax is calculated depending on your annual revenue, and for many of us, the simplest method to minimize that amount is to contribute to an independent contractor retirement plan or perhaps an individually maintained conventional IRA.
The new legislation also increased the age at which seniors must begin taking required minimum distributions (RMDs) from their 401(k) and traditional IRA accounts. Previously, RMDs had to be taken at the age of 712. That age was raised to 72 years with the passage of the SECURE Act. Depending on a person's tax bracket when they begin withdrawing funds, the transition to accepting distributions may have an impact on taxes.
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