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How to maximise your tax savings in 2024

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Understand Tax Deductions:

Familiarize yourself with eligible deductions like investments in provident funds and insurance premiums.

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Utilize Tax-Advantaged Accounts:

Contribute to tax-efficient savings schemes such as 401(k)s or IRAs.

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Optimize Health Savings:

Take advantage of health savings accounts (HSAs) to save on medical expenses.

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Claim Deductions for Charitable Contributions:

Donate to recognized charities and claim deductions on your taxes.

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Plan Investments Wisely:

Invest in tax-saving instruments like equity-linked savings schemes (ELSS) or municipal bonds.

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Capitalize on Homeownership:

Deduct mortgage interest and property taxes if you own a home.

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Consult a Tax Professional:

Seek advice from tax experts to ensure you're maximizing your savings within legal limits.

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