A lot of individuals and businesses around the world spend a lot on taxes, out of which a lot can be saved. This money literally goes out of your hand because of not knowing a certain handful of facts and rules. But thanks to the expert services put forward by Ed Lloyd & Associates PLLC individuals and businesses can now save a lot on their yearly taxes. The firm put forwards a few of the best tips and tricks that will help you save a bulk of money from taxes, which can be invested to make further profit, or used in a number of different ways.
Get a Retirement Account
According to Ed Lloyd & Associates investing in retirement account is a great way to evade extra payment of taxes. This tip actually serves two very important purposes. Not only does it help in evading excess taxation but also allows you to save some for your post retirement phase. This helps in securing your old age with optimum source of funds.
Investing in health insurances or health accounts with banks or other financial institutions also form a great way to save taxes. The unused premium invested in these health insurances; roll over to form greater funds for you, without having to pay them as taxes. Hence, it both saves you money as well as forms a source of investment and future capital and safety.
Saving on Trips
The amount of money you spend on individual or family vacations can often become cause for heavy taxation. To save this extra money from getting drained from your pocket, merge a business trip with a family vacation. According to Ed Lloyd & Associates, by doing this, no more will your luxury vacation will be treated as one and no more will you be liable for taxation.
These are only some of the many tips introduced by Ed Lloyd CPA to save taxes and also your bank balance.
To know more about business services of Ed Lloyd & Associates PLLC, read – The Different Business Services of Ed Lloyd & Associates PLLC