Worried About The Tax Bill From Investments? 3 Savings Strategies
Do you have investment income? If so, you must plan and take proactive steps in order to prevent your income tax bill from rising. If you're not sure how to accomplish this, here are three tips that investors of all shapes and sizes can put into practice.
1. Fund Retirement Accounts First
Most retirement savings methods are what is known as 'tax deferred'. Money you contribute to such accounts is not counted as taxable income in the year in which you contribute it, but rather when you withdraw it during retirement.