To continue our presentation, I will show you some ways which we can reduce

income tax

How do we reduce income tax?

I think save toward retirement is one of the best ways to reduce income tax. First of
all, it saves for retirement is the money which you save from your pre-tax income.
The earlier you start, the more time you have for your investments to grow—and
recover from the market's inevitable downturns. I called it '' one stone kill two
birds'' because of the convenience of it. it helps you a lot for saving your money
and also reduce income tax. The higher your retirement, the less income tax you
will pay, that is a great idea for young people .

The second one in my opinion is to consider flexible spending plans. It is also

known as a flexible spending arrangement) is a special account you put money into
that you use to pay for certain out-of-pocket health care costs. You don't pay taxes
on this money. It same as the idea of retirement but the difference is it for your
health and it always available for u if you need it.

The third one that I mention is a business tax deduction. So, what is the business
tax in your thinking? In my opinion, A tax deduction (or “tax write-off”) is an
expense that you can deduct from your taxable income. You take the amount of the
expense and subtract that from your taxable income. Essentially, tax write-offs
allow you to pay a smaller tax bill. So, what can we do to reduce income tax? We
should Stay on top of your deductions. As a small business owner, it can be
difficult to know what deductions are relevant to you.Many people struggle to stay
on top of their deductions year round and instead try to piece things together at
year end and run in to difficulties. Remember that restaurant expense you incurred
in January last year? Most people don’t, and therefore they miss this tax write off.
Add them all up and you’re missing out on a lot of tax savings.

Should we reduce the income tax?

To answer this question, first, I will show you the effect of income tax. If we
reduce tax, there are two groups is being affected is personal and the gorvement.
For instance, if the income tax is higher, people easpecially bussiness will reduced
their consumer. To be honest, they will spend for the goods which are neccesary
and rarely not replace. Moreover, they have retaimeny pension which can reduce
or raise depend on the way you interact with the legal tax. It mean if you save
pension, the tax will reduce, if you don’t it is high.

As a result, the impact of tax in gorvement is higher economic growth which is an

increase in the production of goods and services in an economy. Increases in
capital goods, labor force, technology, and human capital can all contribute to
economic growth.