Tips from George Kamel help reduce tax liability by adjusting withholding and making retirement contributions.

From Yahoo Finance: 2025-04-07 10:02:00

Taxes are unavoidable, but there are ways to save money on them. Tips from personal finance expert George Kamel can help reduce tax liability. Adjust tax withholding using the IRS Tax Withholding Estimator to avoid owing a large tax bill or receiving a big refund. Consider deferring income and making retirement contributions to lower taxes.

401(k) contribution limit for 2025 is $23,500, IRA limit is $7,000. Make or increase contributions to retirement accounts to reduce tax bill. Seniors must take required minimum distributions (RMDs) from retirement accounts starting in their 70s to avoid penalties. Plan ahead to manage tax liability and avoid penalties for missed RMDs.



Read more at Yahoo Finance: 4 Last-Minute Ways To Save Money on Your Taxes, According to George Kamel