Ask an AI Accountant

A free tool by

Question
How can I reduce my taxes
AI accountant’s answer:
Reducing your tax liability involves a combination of taking advantage of deductions, credits, and proper tax planning. Here are some strategies to consider: 1. Maximize deductions: Keep track of deductible expenses such as business expenses, mortgage interest, charitable contributions, state/local taxes, etc. If you're self-employed or a freelancer, make sure to take advantage of business-related deductions like home office, mileage, advertising costs, and supplies. 2. Contribute to retirement accounts: Maximize your retirement savings by contributing to accounts like 401(k), IRA, or SEP-IRA. Contributions to these accounts are tax-deductible up to certain limits, reducing your taxable income. 3. Take advantage of tax credits: Tax credits directly reduce your tax liability. Some common credits include the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), Child and Dependent Care Credit, and education credits like the Lifetime Learning Credit or the American Opportunity Tax Credit. 4. Offset capital gains with losses: If you had capital gains in a given tax year, you can offset them by selling underperforming assets at a loss, called tax-loss harvesting. This helps reduce capital gains taxes by offsetting the gains with losses. 5. Plan for major life events: Life events such as marriage, having children, or buying a home often come with tax implications. Proper tax planning during these periods can help minimize your tax liability. 6. File your taxes accurately: Taking the time to ensure that your tax return is accurate and up-to-date, and filing it on time, can help prevent costly penalties or missteps that may lead to an unexpected tax burden. Remember that every individual's tax situation is unique, and these suggestions may not apply to everyone. It's essential to consider your own financial circumstances and consult a tax professional if you need personalized advice.
Comment from reviewer
Jacques Seys, CPA
Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started

Ask an AI Accountant

A free tool by

Question
This is some text inside of a div block.
AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started