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Reduction of taxable income


 

 

The main principal of reduction of taxable income is to minimize the amount of tax you pay. Your Adjusted Gross Income (AGI) is an amount that represents your gross taxable income which has been reduced by allowable deductions (also referred to as “net income”). After all the tax reduction strategies have been applied, the AGI is the taxable income used to calculate the tax you owe the government or the refund they owe you.

The goal of any accounting firm is to reduce your taxable income as much as is allowable. Any individual without a professional financial background is probably lacking in all the necessary information needed, and the skill to execute all tax reduction plans.

Between donations to charities, expenses, RRSPs. RESPs, income splitting, spreading, and tax shelters you can effectively reduce the amount of income that will be subject to taxes. ATS will make sure that your tax exposure will be reduced as much as is legally possible, so you can be worry free. Worrying about you or your company’s taxes diverts energy away from your most important task: growing your business.

Reducing your taxable income is a year round job, best done within a happy marriage between data entering, reporting and accounting expertise. When tax time comes around you are past the point of setting up a plan for serious tax reduction. But it is the time to implement strategies for next year.

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