Aadhi Tax Services

Taxes are difficult to avoid but developing the right tax reduction strategies will help lower your tax.

• The richest 400 Americans paid an average 8.2% federal income tax rte, which is "low" relative to many middle-class Americans, according to a White House report

• Middle-class pay more tax because they don't think about tax strategy and spend money to create one (It won't cost more than one weekend drink/food)

• People spend hours in finding deals to buy a TV, but give no time for tax planning

• There is no size fits for all when it comes to Tax strategy. Every individual situation is different so as Tax strategy

• Tax strategy is crafted based on income, types of income, budget for personal expenses, savings for retirement/kids education savings, tax loss harvesting, short term vs long term capital gains, deferring income, so on

• While the intent of the Tax strategy is to minimize the tax, but it also helps in bringing discipline to savings and investments

Tax is more complicated than you think, so it is important to engage a professional to get what you deserve.

• The U.S. tax code is longer than the Bible. The code is just over 1 million words

• IRS audited 659,003 returns in 2021

• About 5 million potentially eligible taxpayers do not claim the Earned Income Tax Credit (EITC) each year, resulting in about $7 billion in unclaimed benefits annually, according to a report by the Treasury Inspector General for Tax Administration

• Long term capital gain (Eg: Profit from selling stocks) are taxed differently than ordinary income and understanding the difference will help save tons of taxes

• There are several credits that many will be qualified for but missed to claim

• There are deductions that many will be qualified for but missed to claim

• You could save 1000 of dollars in federal, state, and FICA taxes if you plan well ahead and leverage the pre-tax deductions