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How can I reduce my tax liability in Malaysia?
6 Ways You Can Pay Less Income Tax In Malaysia
- Take care of your parents.
- Invest in your education.
- Be a nurturing parent.
- Send your child to university.
- Take care of your health.
- Go for a holiday.
How can tax liabilities be reduced?
Tax-Saving Strategies that Reduce your Tax Liability
- Max Out Your 401(k) or Contribute to an IRA. …
- Take Advantage of Employer Benefit Plans Such as Flexible Spending Accounts (FSAs) or Health Spending Accounts (HSAs) …
- Bunch Your Itemized Deductions. …
- Use the Gift-Tax Exclusion to Shift Income.
How can I lower my income tax?
How to Reduce Taxable Income
- Contribute significant amounts to retirement savings plans.
- Participate in employer sponsored savings accounts for child care and healthcare.
- Pay attention to tax credits like the child tax credit and the retirement savings contributions credit.
- Tax-loss harvest investments.
How can I reduce my tax Ireland?
Ideas to reduce your Tax Bill
- Keep accurate records. Ensure you keep all your records in order. …
- Ensure to claim all your tax credits available to you. There are tax credits available which may help you. …
- Claim Losses against all other income. …
- Relief for Medical Expenses. …
- Relief for Service Charges (Income Tax) …
- Renting a Room.
How can I reduce my taxable income in 2021?
6 Ways to Lower Your Taxable Income
- Save for Retirement. Retirement savings are tax-deductible. …
- Buy tax-exempt bonds. …
- Utilize Flexible Spending Plans. …
- Use Business Deductions. …
- Give to Charity. …
- Pay Your Property Tax Early. …
- Defer Some Income Until Next Year.