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How can I reduce taxes?The first way to reduce taxes is to reduce your income. And the best way to reduce your income is to contribute to a 401 (k) or similar work plan. Your contribution reduces your salary and your tax bill. You can also reduce your adjusted gross income through various income adjustments.How can I avoid paying income tax legally in India?A reduced tax bill is at your fingertipsThen you want to pay less taxes in 2019. Who does not? The good news is that there are ways to reduce the amount of money you send to the IRS, legally, without charge of tax evasion. In fact, you can take many steps to reduce your federal and state tax bills. And the sooner you start, the more you can do to reduce the taxes you owe.1. Use your limit of Rs 1.5 lakh under section 80CThe investments/deductions mentioned below are subject to a maximum limit of 1.5 lakh Rs. In other words, it involves investments and one investment will reduce the space for another:1. Tax savings devices: You can obtain a tax deduction of up to 1.5 INR for a 5 year FD with fiscal efficiency. He carries a fixed interest rate currently between 7-8%. Interest in these FDs is subject to taxes2. PPF (Public Pension Fund): The Public Pension Fund is a savings plan established by the government with a term of 15 years available in most banks and post offices in India. Its rate changes every quarter but is currently 8%. Interest in PPF is tax-free.3. ELSS funds: they are mutual funds that invest a minimum of 80% of their assets in shares. They have a lock-in of 3 years. Returns on ELSS funds are subject to long-term capital gains tax (LTCG) at 10%, above a deductible limit of Rs 1 lakh.4. NSC (National Savings Certificate): a national savings certificate is valid for 5 years and has a fixed interest rate. The rate is currently 8%. Interests in NSC also automatically accumulate within the 1.5 lakh 80 ° R limit and are tax deductible if no other investment uses the upper limit.5. Life insurance premiums: premiums for different types of insurance policies, including universal life insurance policies (ULIP), term insurance policies and endowment funds policies, are tax deductible up to 1.5 Rs. However, the insurance coverage must be at least 10 times higher than the annual premium.6. National Pension System (NPS): this deduction is available under Section 80CCD up to 1.5 lakh for contributions to the NPS. This amount is in addition to the 50,000 rupee deduction in Section 80CCD (1B) described below.7. Mortgage loan repayment: the repayment of the capital of the mortgage is tax deductible up to 1.5 Rs per year.8. Payment of tuition fees: the payment of tuition fees for your children is tax deductible up to 1.5 Rs per year.9. EPF: Under the EPF Law. 12% of the remuneration of employees in the organized sector is deducted from the Employees' Provident Fund. This deduction counts towards the limit of Rs 1.5 lakh under section 80C.10. Savings plan for seniors: contributions to the SCSS are tax deductible up to 1.5 lakh. SCSS has a term of 5 years and is available for people over 60 years of age. The rate for SCSS is higher than the current rate in Mexico City and is currently 8.7% (subject to taxes).11.Sukanya Samriddhi Yojana: this deduction is given to parents of girls under 10 years of age. This account is for 21 years or until the girl marries after turning 18. It subscribes interest at the current rates (currently, 8.5%) and is free of taxes.2) Contribute to the national pension system.Under Article 80CCD (1B), this deduction up to 50,000 rupees is available only for NPS contributions. The NPS allows you to invest in pension funds in capital and debt and build up a body of pension. You can withdraw it at 60 years old.3) Pay health insurance premiumsA deduction of up to Rs 25,000 is available for health insurance premiums under Section 80D. This goes beyond the deductions mentioned above. For the elderly, this limit increases to 50,000 rupees. A person who contributes to health insurance for himself and his elderly parents can benefit from the combined deduction of up to Rs 75,000 per year.4) Get a deduction on your rentYou can claim the tax deduction on your Rental Housing Allowance (HRA) if you receive an HRA. There is no upper limit for this, but there is a set of rules that limit the maximum deduction of HRA. If you do not receive an HRA but pay the rent, you can claim a deduction under Article 80GG up to Rs 60,000 a year.5) Get a deduction on the interest on your mortgageIf you have a mortgage, the interest payable is tax deductible in accordance with Section 24 of the Income Tax Act, up to 2,000 lakh per year. If you deliver the house for rent, there is no upper limit. However, the total loss that can be claimed in the larger-income head of household is limited to 2,000,000 rupees.6) Keep money in your savings accountThis is probably the easiest deduction to claim under the Income Tax Act. Interest on savings accounts is tax-free up to Rs. 10,000 per year, in accordance with Section 80TTA. This limit is 50,000 rupees for seniors, both for the FD and for savings account interests under Section 80TTB.7) Contribute to charity.You can get a tax deduction on your charitable donations. There is no upper limit, but different rules limit the amount of tax deduction available in your charitable contributions. For most donations to NGOs, the limit is 50% of donations and 10% of adjusted total income. NGOs in this section must have an 80G certificate to qualify for this deduction.To help you reduce your tax bill in 2019, here are 18 steps to take into account.1. Contribute as much as you can to retirement accountsDo you want to prepare for the future while reducing your tax bill at the same time? Contribute to retirement accounts with tax benefits, such as a 401 (k) and an IRA.Unless you opt for a Roth account, you can deduct your contributions in the year of your creation. This allows you to deduct a large sum of money. You can contribute up to $ 19,000 to a 401 (k) and up to $ 6,000 to an IRA in 2019. You can also make additional recovery contributions of $ 6,000 to a 401 (K) and 1,000 USD to an IRA if you have more than 50 years.Everyone can contribute to a 401 (k). If neither you nor your spouse has a workplace pension plan, everyone can also contribute to an IRA. If one of you has a plan at work, contributions are phased out at higher income levels.If you can maximize your 401 (k) and IRA, you can reduce your taxable income by 25,000 USD or 32,000 USD if you have more than 50. If you are in the 24% tax bracket, you save up to $ 6,000 or $ 7,680 if it also maximizes up-to-date contributions. That's a lot of tax savings.2. Take advantage of the collection for tax losses.If you lose investments, their sale allows you to recover your losses to offset the tax on investment income or to reduce your taxable income up to $ 3,000.This strategy can be particularly beneficial if your income needs to be higher than normal and you want to avoid being pushed to a higher tax level, or if you are going to sell investments that you will have to pay in the short term. gains in.3. Get or keep your health insurance.In 2019, the mandate of Obamacare was revoked at the federal level. This means that you will no longer pay a tax penalty to the federal government if you do not have health insurance. But that does not mean that you are necessarily stuck. Many states have imposed sanctions in 2019, most of which take the form of a tax if you do not maintain eligible health insurance coverage.The last thing you want is to pay a higher tax bill because you did not have health insurance to protect yourself and your loved ones. Therefore, check the rules of your state to find out if a fine is in effect. Or even better, just buy health insurance because you can benefit from a cover that can save you a huge financial disaster if you get sick or feel injured.4. Invest in an HSA, if eligibleSpeaking of health insurance, if you have a health insurance plan with a high deductible, you may be able to invest in health savings account in 2019. If you can, you should definitely take advantage of it.If you have self-service coverage, you must be eligible to invest in an HSA if you have a deductible of at least $ 1,350. If you have family coverage, you may qualify if your deductible is at least $ 2,700. If you are allowed to contribute, you can invest up to $ 3,500 in individual policies or $ 7,000 if you have family coverage.When you put money into an HSA, you invest the funds in dollars before taxes. That means you could reduce your taxable income by $ 3,500 or $ 7,000 if you maximize your contributions. You can then get this money tax-free to cover the costs of medical care. This gives you a huge tax advantage because deposits and withdrawals are tax-free. And, if you do not use the funds for health care, you also have the option to withdraw money after age 65 and pay taxes on distributions as ordinary income without paying any taxes. 'fine.HSAs are an excellent tool for investing in your future. There is, therefore, no reason not to invest money if you are eligible.5. Keep track of your medical billsIf you incur significant medical expenses, you may be able to deduct the funds you have spent.In 2019, you can deduct unreimbursed medical expenses only if they exceed 10% of your income, compared to 7.5% in 2017 and 2018. You must detail to claim this deduction, which makes no sense for you. many taxpayers to the big standard deduction.Even in this case, you must keep the invoices you incur throughout the year. If your costs are high enough to meet the deductibility threshold, you want to be able to take advantage of the tax savings to offset some of your big expenses.6. Save for college for the children of your lifeIf you have a child, saving for college in 529 is a no-brainer. However, even if you do not have your own child, you can open a 529 plan for other children in your life, including grandchildren, nephews and nieces, and even friends. He could even open a 529 to save for his own tuition if he plans to return to college.Contributions to 529 accounts are not tax deductible at the federal level, although the funds invested have tax-free growth. But depending on where you live, you can deduct 529 contributions from your taxes. In fact, more than 30 states, as well as Washington DC, allow deductions or credits for 529 contributions.Reducing your state's tax bill may be more important than ever thanks to the new federal limits on national and local tax deductibility that came into effect in 2018. You could previously deduct all taxes that you paid to your state from your federal tax. . taxable income, you are now capped at $ 10,000. This new cap is called the SALT cap (national and local taxes).Anything you can do to reduce your state's taxes below this threshold is useful because you do not want to pay federal taxes on the money you have paid to your state.7. Put money into flexible spending plansIf your employer offers flexible spending accounts, you should probably take advantage of it.You can make contributions to an RTA with pre-tax funds to pay eligible reimbursable medical expenses. You may also be able to register for an FSA for dependents to pay for services such as babysitting or caring for a disabled relative.It is important to know the rules regarding FSA contributions. You will usually have to register for an FSA when you register with your employer, and many plans are structured. Therefore, if you do not spend your dues, you lose them. Nevertheless, if you know that you are going to have to pay for medical expenses or care expenses for your dependent, you should strongly consider investing money in the FSA in order to reduce your taxable income and effectively reduce the cost of these expenses.8. Group your deductible expensesMany tax deductions - such as deduction for medical expenses, charitable contributions and mortgage interest - are only available if you specify them. And, as mentioned above, the standard deduction is large in 2019. Unless your detailed deductions exceed $ 12,200 for singles; $ 24,400 for the joint marital deposit; $ 18,350 per head of household; or $ 12,200 for the classification of married spouses separately, the detail does not make sense.But, there may be a way to preserve these detailed inferences by grouping them together. Basically, this would involve making deductible payments or contributions over two years in a taxation year. For example, if you make an annual donation of $ 10,000 to a charity, try to donate $ 10,000 for 2019 throughout the year and make your total donation of $ 10,000 for 2020 in December 2019. This means that you now have $ 20,000 in deductions for one year. logical to detail when it was not the case before.Obviously, this is a simplistic example. However, if you want to group deductible expenses, you need cash to make it possible. Nevertheless, if you do, you could potentially realize more tax savings than through the standard deduction.9. Deduct each business expense to which you are entitledBusiness owners can ask for many different deductions, but many people are reluctant to take advantage of it for fear of being audited. In particular, people are afraid to take the home deduction. If you are legitimately entitled to a deduction, you should never be afraid to claim it. Just make sure you know the rules of the IRS and be able to prove that you are in compliance.You can also try to classify your expenses as professional expenses as much as possible. Want to take a vacation to Vegas for a few days? Try to plan your trip to attend a conference while you are there so you can deduct the costs. Again, make sure you know the rules - and that the trip is a legitimate business trip - to avoid trouble.10. Continue your studiesDid you know that you can deduct up to 20% of the first $ 10,000 in eligible education expenses incurred each year, even if you are not actively working to earn a degree? That's right - you can apply for a lifetime apprenticeship credit, provided your income is not too high. This credit could reach a maximum of $ 2,000 and the number of years during which you can claim it is unlimited.This means that taking classes can help you lower your tax bill while gaining valuable new skills that open up career opportunities. So why not learn something new in 2019 by paying a little less to the IRS.11. Contribute to charityCharitable donations are tax-deductible if you detail them, so consider making generous contributions in 2019.You can take a deduction for both cash contributions and valuables. Just make sure you can document the contributions you make and not inflate the value of the items you give. No one is going to believe that your bag of old clothes that you donate to the Salvation Army is really worth $ 10,000, even if you had some really nice shoes on the inside.12. Moving to a lower tax statusThis may seem like a drastic step, but there is a huge difference between state taxes from one place to another. In fact, there are states where you could live where you pay no tax on your income, while others impose a high tax burden.The Tax Foundation provides a classification of state and local tax burdens and, for 2017, the average United States tax burden in the United States as a percentage of government revenue was 9.9%. However, in the state with the heaviest burden - New York - the state / local tax burden was 12.7%. By comparison, Alaska had the lowest burden at 6.5%, while six other states had a tax burden of less than 8%.If you have some flexibility about where you work - or your retirement - opt for a state in which you pay much less of your income in taxes could help you keep a lot more. This is all the truer as, as mentioned above, all your state and local taxes can no longer be deducted from your federal return through the SALT cap.13. Buy a houseAlthough buying a home is an important decision, it is a choice that could help you reduce your tax bill.Indeed, you can deduct the mortgage interest as well as the property taxes that you pay (within the limit of the SALT ceiling). If you buy a house in 2019, you can deduct all interest paid on mortgages up to $ 750,000. In addition, interest on equity loans or lines of credit may also be deductible if you use the funds to acquire or improve your home.Remember that to qualify for the mortgage interest deduction, you must detail your taxes. If you are claiming the standard deduction, buying a home could still be a good investment, but it will not have the same effect of lowering your federal tax bill.14. Improve the energy efficiency of your homeDid you know that you can actually get a tax break to make your home more energy efficient? Indeed, a multitude of residential energy tax credits available to homeowners in 2019 could save you a fortune.Residential Renewable Energy Tax Credits are available for the installation of solar energy in your home, as well as for the installation of solar water heaters. You can also apply for credit for wind turbines, renewable fuel cells used to produce electricity for a home, and geothermal heat pumps. The credit equals 30% of the cost of your renovation project. There is no maximum limit to the amount of credit you can claim unless you request it for fuel cells. You can even claim this credit for improvements to primary and secondary residences.When my husband and I installed solar panels on our home a few years ago, we got a credit of about $ 9,000 for the panels we paid in cash for. Remember that credit is equivalent to a reduction of one dollar in two of the taxes you owe.15. Appeal your property taxesUsing your property taxes is a great way to reduce your local tax bill, especially since the National Taxpayers Union Foundation estimates that 30% to 60% of taxable property in the United States has been overvalued.When you use your property taxes, you challenge the value of your home, which is used to determine the amount of taxes you owe. If you can prove, through an assessment or comparable sales, that your home has been overrated, you can reduce your local tax bill by hundreds, if not thousands of dollars.Usually, this process is quite simple and simply consists of filing documents and perhaps attending a hearing. With the new SALT deduction ceiling, it's definitely worth the effort to reduce the local taxes you owe.16. have a babyThat's right - children enjoy many tax benefits!While this is certainly not a good enough reason to add another child to your family, you need to know all the federal tax benefits you get for your enjoyment. These include the child tax credit, which has doubled in tax reform to $ 2,000 per child under age 17 and qualifies (of which $ 1,400 is refundable).Having a child can also make you eligible for a higher income earned income tax deduction than the one you are single, and give you the right to claim the status of head of household instead of single status ( provided you meet the requirements support your child).When you have a child in a taxation year, even if you give birth on December 31, you are considered a parent all year for tax purposes. So you have plenty of time to add a new member to your family and claim all the credits that come with it in 2019.17. Get help from a tax expert or use the right software toolsDoing your taxes can be complicated, and if you try to do everything yourself, there is a good chance that you are missing credits and deductions to which you are entitled.The software is designed to help you recover these credits and deductions by asking you simple questions about your life. And, for most people, finding high-quality tax software to use should be enough to ensure you reduce your taxes as much as possible.Sometimes, however, nothing can replace professional help. If you have had big changes in your life in 2019, if you have started a profitable business or if you have made a lot of money from different sources, hiring an accountant can be worth the cost to make sure you do not pay more IRS.18. Deferred income if you earn less next yearFinally, if you think that you will earn a lot this year and think that your income will be smaller next year, try to divert as much income as possible until later. This could mean asking your boss to delay the payment of a bonus after January 1, 2020, or to delay billing some of your customers until the New Year.Reducing your tax bill takes effort, but it's worth itWhile it is unlikely that you can take all of these steps to reduce your tax bill, taking as much as possible is smart financial planning. If you can get help from the government to create wealth by buying a house or investing for your future, there is no reason not to take advantage of these opportunities.

From problem solving, time management and communication to organization and business aid, today’s mobile app development market is inundated with specially tailored mobile apps that make your life better.If you are a busy person, an entrepreneur seeking helps with productivity and self-management, having a great business app could save you from everyday battles. Be it Android or iOS, these business apps make sure you execute operations 24/7.However, it is daunting to select a few good apps from the expanding universe of business apps.We have compiled a comprehensive list of best business apps of 2020.You can pick the right one that to stay organized and successful every day.Let’s take a look:1. RescueTimeIf you are unnecessarily dedicating your time to unwanted distractions, Rescue Time can control your habits by automatically tracking time you spend on social media and eCommerce sites.It gives you an explicit picture and data of your online activities and determines your productivity goals. It is a great example of iOS and Android app development and it also helps you block certain websites or set notifications about your online activities.FeaturesSets screen time goals and control your phone usageKeeps all your daily goals front and centre to help you build better habitsAllows you to get instant feedbacks when you spend too much time on distractionsFocusTime feature lets you block distracting websites, when you need time to focusDownload : Android, iOS2. ProvenThis is one of the best business apps intended to help HR recruiters maintain their daily jobs efficiently. Proven helps users organize their hiring process and post job listings on online job boards with just one click.Additionally, one can also manage hundreds of applications responses in minutes as app also puts applicants in specific category buckets of qualification such as Yes, No and maybe and considers when you follow-up candidates.FeaturesHelps HR recruiters maintain their daily jobs efficientlyHelps users to post job listings on online job boards with just one clickAllows you to manage hundreds of applications responses in minutesHelps you to organize your hiring processDownload : Android, iOS3. EvernoteEvernote allows you to manage bits of information you fetch from the web, tag and edit them, change it to your requirements and make pieces easily searchable. You can clip or add to it, or alternatively, embed pictures, video, audio, tables and other objects.Evernote is the best digital note maker used as journals, lists or for simple notes, recipes, quotes and tweets and contacts. Its paid business version offers more advanced features.FeaturesAttaches Microsoft Office docs, PDFs and photosCreates separate notepads to organize your memos, receipts, bills and invoicesWrites, collects and captures ideas as searchable notes, notebooks, memos etcUse the camera to scan, digitize and organize your paper documents, business cards etc.Download : Android, iOS4. TRIPITTripit is a travel organizer that consolidates your travel plans in a single online itinerary that you can refer at any time on any device. It pieces together airline, train and cruise tickets, cars, reservations and everything else.The business apps process all the travel emails you forward to it. It sends notification to taxi driver, or shows you flight delays and departure, and updates you on weather and airport directions.FeaturesHelps you find a better seatReminds you when to check inSends real-time flight status alertsProvides interactive airport and terminal mapsDownload : Android, iOS5. HubSpotHubSpot is reputed as one of the best business apps in digital market. It offers a range of great iOS and Android apps that help manage contacts among different teams of marketing, sales, and customer service on the go.You can view and manage leads through various business funnels, conduct communication with partners and evaluate campaign performance and strategy using this app.FeaturesManages your deals, contacts and tasks on the moveAllows you to stay focused on the day ahead – see upcoming tasks and to-do reminders.Lets access contacts even when you are offlineAllows you to get real-time notifications about important eventsDownload : Android, iOS6. Oracle NetSuiteERP as we know makes it effortless and agile to manage your enterprise resources. Oracle NetSuite gives you all the incredible benefits of business management through ERP, providing you with absolute control over your business in your hands.The business apps offer handy UI to deal with various tasks such as customer relationships, human resource planning, financial and inventory management.FeaturesAllows you to get instant business snapshots, with full dashboard supportQuickly create, view and edit recordsManages time and expensesLet’s you plan workdays with full NetSuite calendar accessDownload : Android, iOS7. AsanaAsana fulfils all your business communication requirements with much improved seamless collaboration. The mobile app version of Asana allows you to view all current tasks and projects, monitor progress on the dashboard, share notes, upload files and run full communication with people involved without using emails.It provides integration with Google Drive, DropBox and Slack for better experience of file sharing and business collaboration.FeaturesAdds a task for to-dos, reminders, ideas, and requestsAllows you to view and organize your work task list every time you open AsanaAllows you to get notifications in inbox about the projects, tasks, and conversationsAllows you to send your teammate a quick reply with a like or comment directly from inboxDownload : Android, iOS8. SquareWith Square, you can simplify accepting credit payments for services done. It comes with a free card reader for both iPhone and Android. You can treat your iPad as a wireless register with Square Stand.Also, it works seamlessly with QuickBooks so that your transactions can be automatically recorded into your QuickBooks ledger, which ultimately saves your time.FeaturesRecords cash, gift cards and other forms of tenderSend and track invoices directly from the payment appSend receipts through email or text message directly from the payment appTrack inventory in real time and notifies you when you are running lowDownload : Android, iOS9. PayPal HerePayPal Here is similar to Square in its operation as it also comes with a small card reader for payment reception. With each swipe, PayPal Here costs you 2.7% which is less than what Square charges.PayPal Here is packed with great features such as check processes, electronic invoices and integration of customer’s existing PayPal account. However, you will have to transfer the payment from your PayPal account to bank account, which takes a few days.FeaturesAccepts credit and debit cards, send invoices, track cash and check paymentsProvides your customers the flexibility to pay how they wantHelps you manage all your in-person, online and mobile payments through one central account.PayPal Debit card allows you to access your funds at thousands of ATM’s nationwideDownload : Android, iOS10. ZenefitsWhen it comes to handling benefits data, Zenefits has best features to offer. This is a simple benefits administration tool that empowers the job of HR team and enables employees and recruiters to record, search and update rewards and benefits data.Available on both iOS and Android, it gives you access to the full data on traditional benefits, termination, compliance and stock option modules.FeaturesAllows you to easily connect with your co-workers, find teammates, view departments and roles, call, text, and email co-workers with a mobile directoryAllows you to view your insurance details, see what is covered and quickly access your policy number, deductible etc.Reviews your pay stubs, tracks income, deductions and taxes by pay period or year-to-dateTracks your flex benefits , checks account balances for FSA, HSA, and commuter benefits and replaces lost benefit cards in secondsDownload : Android, iOS11. QuickBooks OnlineSmall business entrepreneurs often opt for QuickBooks Online for enhanced account management and tasks execution. It has a lot to offer including easy-to-navigate UI and integration with other essential services.While on the go, you can send invoices, view balances, share info, print checks, approve estimates and integrate with PayPal or bank account. Its basic version is paid.FeaturesAllows you to track invoices sentLets you easily add new customers and contact them on the goCategorizes your monthly expenses to make them easier to trackReviews your bank transactions and adds them to your accounting recordsDownload : Android, iOSFinal FootprintsIf you are striving to hit the deadline and attain more with your business efforts, these top 10 business apps in India 2020 will help you get there.