Lowering AGI this year can help taxpayers when they file next year
A taxpayer’s adjusted gross income is one factor that determines how much tax they owe. Taxpayers who plan today can lower their AGI.
This tip is one in a series about tax planning. These tips focus on steps taxpayers can take now to help them down the road.
Here are a couple things taxpayers can do now to lower their AGI:
Know how adjusted gross income affects taxes
A full list is on Schedule 1 of Form 1040.
Save for retirement
The IRS has several digital tools taxpayers can use to stay updated on important tax information that may help with tax planning. In addition to visiting IRS.gov, they can download the IRS2Go mobile app, watch IRS YouTube videos, and follow the IRS on Twitter and Instagram.
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