Need some recommendations on how to lower taxes paid at the end of the year. I make about 23k per year and have 1 kid.
>>1761098
do you file as head of household or married?
>>1761100
i would file as head, we are seperated, going to be divorced this year some time.
>>1761098
Not sure which year you are talking about.
Traditional IRA, 401K, HSA, FSA, 429, lifetime learning credit.
>>1761137
end of this year, i wanted to start early and figure out what i should be doing to lower them.
>>1761147
Well, the ways mentioned are a start. Child support is not taxable, but alimony is taxable. So, it would be better to get something that is not alimony.
>>1761153
my work doesn't offer 401k but the IRA is something i was looking into, should i limit myself on how much I put in? like a good % or just whatever I can spare? If I can afford to go back to college, then those look pretty nice, thanks for that info.
>>1761162
>whatever I can spare
Probably whatever you can spare. You don't want be in a situation where your rent is due, but you blew it all on an IRA. I think the limit is 5500 a year.
>>1761170
so the short story of this is, put spare in a traditional ira and go back to school.
>>1761098
Dude you are not going to pay shit, if anything you will be getting a refund.