Three Ways Individuals Can Save Money On Taxes

By Michael A York (son of Gary A York, 1939-2016)

Michael A York & Associates has generated a brief list of helpful tax strategies for individuals to use to minimize their tax bills. Following the mission of Gary A York & Associates, the firm is dedicated to seeking out strategies that save individuals and businesses money.

  1. Save More for Retirement

Make sure that you take advantage of the benefits given to those who save money for retirement by maxing out your retirement account. These accounts are funded with pre-tax dollars which means that you end up owing taxes on lower amounts of income. Contact Michael A York & Associates today at 801-REFUNDS to discuss this strategy further.

  1. Donate Stock to Charity

Another great option of saving money on taxes is to donate some of your stock investments to charity. This is because you will also avoid having to pay capital gains taxes on your stocks. Contact Michael A York & Associates today at 801-REFUNDS to discuss this strategy further.

  1. Opt for Whole Life Insurance

For those who are high-net-worth individuals, it makes sense to choose whole life insurance over term life. Although there is a large upfront cost, it contains an investment component which provides tax-free income for those who use the product. Contact Michael A York & Associates today at 801-REFUNDS to discuss this strategy further.

By understanding the tax benefits available to individuals, you can make sure that you don’t miss any claims on potential tax deductions that can save you money. At Michael A York & Associates, we are here to make sure that you take advantage of strategies such as these. Contact Michael A York & Associates today at 801-REFUNDS to look for even more ways to save money.

-Michael A York & Associates

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