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Three Smart Levers to Cut Your 2025 Tax Bill

Taxes are inevitable, but overpaying them isn’t. With new rules and opportunities in 2025, smart planning can help you keep more of your hard-earned money. Here are three effective levers to reduce your tax liability this year: 1. Maximize Retirement Contributions Contributing to retirement accounts such as RRSPs (Canada) or 401(k)/IRAs (U.S.) remains one of the most effective ways to lower taxable income. Contributions qualify for tax relief at your highest marginal rate, meaning every dollar you save reduces your tax bill significantly. Employer-matching programs make this even more attractive, and withdrawals in retirement can be structured for lower tax exposure. 2. Leverage Tax Credits and Deductions Common deductions include childcare expenses, education costs, and home office claims. Tax credits, unlike deductions, directly reduce the amount you owe, making them especially valuable. Temporary tax breaks introduced in 2025 can be maximized before they expire. 3. Use...
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Israel Strikes Iran in Narrow Attack Amid Escalation Fears

Israel has carried out a retaliatory strike against Iran, according to US officials. The Israeli military operation comes after Iran’s massive drone and missile attack on Israeli territory. Tensions in the region remain high, with both countries engaging in a series of retaliatory strikes.

Here’s what we know so far:

  1. Military Operation: Israel warned the Biden administration that a strike was imminent within the next 24 to 48 hours. The Israelis assured their US counterparts that Iran’s nuclear facilities would not be targeted.

  2. Explosions Near Isfahan: Iranian state media reported explosions near a major airbase close to the city of Isfahan. Air defense batteries were activated in response. Isfahan is home to sites associated with Iran’s nuclear program, including the underground Natanz enrichment site. State television described all sites in the area as “fully safe” despite the reported explosions.

  3. Suspension of Flights: Dubai-based carriers Emirates and FlyDubai diverted flights around western Iran, suggesting airspace closures. Iran later announced the suspension of flights over some cities.

  4. Escalation Context: Iran previously launched hundreds of drones and cruise missiles toward Israel in response to an Israeli strike on an Iranian diplomatic building in Damascus. Iran’s foreign minister warned that if Israel retaliates, Tehran’s response would be “decisive, definitive, and regretful” for Israel.

As tensions persist, the situation remains fluid, and world leaders are closely monitoring developments in the region. The delicate balance between retaliation and de-escalation hangs in the balance.



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