7 Smart Hacks To Save Some Extra Bucks On Taxes

4. Fund in to an IRA

If you don't have a retirement plan at work, or you want to supplement your savings, you can put away money in an IRA. Depending on your income and whether you participate in a retirement savings plan at work, you may be able to deduct some or all of your IRA contribution.

Or, you can choose to forgo the upfront tax break and contribute to a Roth IRA that will allow you to take tax-free withdrawals in retirement.

5. Do tax payment in advance

There is an opportunity for you to save tax in advance. To get this opportunity, you have to pay your tax advance to the government. If you pay taxes in advance, the deduction of the amount of taxes can be increased. The payment of taxes in advance can save a good amount of tax. Some of the taxes that can be paid in advance are the real estate taxes and other fixed investment taxes.

 The government has several tax saving schemes for the advance tax payers. You can get benefit in tax payment if you pay tax in advance. There are many individuals who pay taxes to the government in advance and get reduced tax payments.