One of the best ways to save on taxes is to claim tax benefits. There are tax credits and tax deductions you can get when you make certain payments. For instance, the interest paid on your home loan is tax-deductible. Buying an energy-efficient furnace or air conditioner will also entitle you to a tax deduction. There are many other expenses that are eligible for tax deductions and credits. You can make huge tax credit savings by purchasing equipment that is eligible for these tax benefits.
It is always a good idea to keep track of all your expenses and store all your receipts. This is because you cannot claim these tax benefits without providing any evidence. Working with a competent tax accountant is also highly recommended as they can help you claim all the tax credits for which you qualify.
