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Tax deductions can save you thousands annually by reducing your taxable income through legitimate business expenses. Understanding these deductions is more critical than ever as tax laws evolve, presenting new opportunities for savings. Understanding this distinction is crucial for maximizing your tax benefits effectively.
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As a freelancer, you juggle not only your craft but also your finances, taxes, and retirement planning. Plan for taxes ahead of time 4. Then, add in your variable expenses like groceries, transportation, entertainment and subscriptions. By staying proactive, you can avoid unpleasant surprises during tax season.
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That’s where everyday costs—like housing and transport are rising, squeezing retirees. Use tax-efficient tools like NPS, ELSS, PPF for compounding and tax savings. That’s good, but here’s what it really means: while grocery bills might seem stable, core inflation (excluding food and fuel) sits around 4.17–4.20%.
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