If you want to reduce your taxable income, you’re not alone. Plenty of singles want to maximize their returns and get the most from their paychecks. From readjusting medical premiums to considering income protection, there are plenty of ways that you can give yourself a bit of a boost during tax season.
Thankfully, there are plenty of ways to minimize your taxable income and maximize financial security rewards. Here are a few of the most popular.
1. Obtain an ACLS certification.
That’s right: A certification that many thinks is just for medical professionals can actually provide tax benefits. ACLS (Advanced Cardiac Life Support), PALS, BLS (Basic Life Support), and other first-aid courses can be counted when it’s time to tally up tax deductions. Plus, you can take an ACLS course from the comfort of your own home. An online course lets you connect with healthcare professionals, take your final exam, and even pursue online ACLS recertification when the time comes. Who would’ve thought an online certification could offer so much?
2. Consider income protection.
Think of income protection as an accompaniment to disability income insurance. If you find yourself unable to work due to injury or sick leave, your focus is probably on getting the highest quality care possible. However, this time away from work can drastically impact your taxable income, especially where long-term disability is concerned. Income protection insurance can offset some of these costs. To learn more about life insurance or income protection insurance, you can compare income protection insurance with iSelect. It’s the easiest way to find the right plans.
3. Tally common expenses.
Are you paying for training materials, a study guide, or online courses? Do you have expenses from visiting a customer service training center? Some of these expenses may qualify as tax deductions. Whether it’s a client dinner or the cost of course materials, you should keep your receipts to tally up at the end of the year.
4. Give yourself a pay bump.
Did you receive a large tax return over the last year? While it’s a welcome surprise, it ultimately means that you’re paying too much in taxes. Your tax return is simply a refund for overpayments made during the previous year. You can use a withholding calculator to determine how much to save and adjust it at your own pace. This step can impact your taxable income in a positive way.
5. Ask your boss about continued education.
One of the best practices for any business is to invest in ongoing education. Whether it’s an online certification course taken at your own pace or an in-person class with training materials, your employer should be investing in your continued growth. Plus, the costs don’t appear on your salary which reduces your taxable income.
6. Look for health tax breaks.
While this may be easier to do in the United States, certain healthcare facilities, health care providers, and private insurance plans offer tax breaks. Simply call the number on your provider card and inquire about potential tax breaks.
7. Use offsets.
Tax offsets and rebates can impact anything from healthcare premiums to tax bill totals. As long as you qualify under eligibility requirements, you can greatly reduce your income taxes.
8. Delay your income.
If you defer receiving income until June 30th, it can help you avoid paying the full amount of your taxes for the current financial year. It’s a difficult but achievable trick.
9. Maximize retirement savings.
The more you invest in your retirement, the less of your income gets taxed. Since retirement investments are typically regulated by the government, the money you put in doesn’t get taxed the same way.
Of course, there are more ways to reduce your taxable income, but these are some of the simplest and most popular. Whether you’re learning about emergency medicine or rethinking long-term disability insurance, there are plenty of ways to prepare for tax season.