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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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Your daily horoscope: May 10, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

You will accomplish great things over the next 12 months if you focus on quality rather than quantity. Even if you put all your energy and enthusiasm into just one thing that one thing will bring more success and happiness than everything that went before.

ARIES (March 21 - April 20):

What you get today may not be what you want but in the fullness of time you will discover it was exactly what you needed. Financially, if you have to pay out a little bit now you can be sure you will gain a lot more later on.

TAURUS (April 21 - May 21):

If you are not in the mood to work up a sweat today don’t worry about it – there is no cosmic law that says you must exert yourself, either in your private life or in your career. Sit back, relax and let others get stressed for a change.

GEMINI (May 22 - June 21):

The message of the stars today is that you need to slow down a bit, because you have not yet got the cosmic green light to push the pedal to the floor. Later in the month nothing will be able to hold you back, so save yourself for then.

CANCER (June 22 - July 23):

Routine matters may be a chore but get on with them because the more of an impression you make now the more freedom the powers that be will grant you later on. A task does not need to be exciting for you to make a good job of it.

LEO (July 24 - Aug. 23):

It should be obvious by now that your star is on the rise on the work front, so aim high, expect the best of yourself and show the world what an outrageously talented human being you are. For you Leo, there are currently no limits.

VIRGO (Aug. 24 - Sept. 23):

If your life has become a bit of a bore then do something to spice it up. It’s not up to other people to entertain you, it’s up to you to entertain yourself, so throw off all restrictions and throw the kind of party no one will ever forget!

LIBRA (Sept. 24 - Oct. 23):

Stop worrying about what the future might bring and try living in the moment. Yesterday is over and done with and tomorrow is beyond your powers to predict, but today is still very much in your hands, so be imaginative and handle it with love.

SCORPIO (Oct. 24 - Nov. 22):

Cosmic activity in your opposite sign of Taurus means that any requests you make will be looked on favorably by partners, loved ones and even work colleagues, so ask away and don’t worry that they may think you are asking too much, because you’re not.

SAGITTARIUS (Nov. 23 - Dec. 21):

If you stick with what you know best you will sail through the next few days with ease. Sometimes you are tempted to try new things because you think it is expected of you – and sometimes it’s best to be yourself and not push the envelope too far.

CAPRICORN (Dec. 22 - Jan. 20):

Affairs of the heart are under some of the best stars ever at the moment, so give yourself permission to be romantic and don’t worry that some people might think you are going over the top a bit – because if it’s only a bit then it’s not enough!

AQUARIUS (Jan. 21 - Feb. 19):

The best possible thing you can do now is to forgive what others have said about you and move on with your life. Focusing on their words will hurt no one but yourself, so get over it and, if you have to, find yourself a new set of friends.

PISCES (Feb. 20 - Mar. 20):

The message of the stars today, and for the weekend to come, is that you must get out into the world and remind friends and colleagues that you are still a force to be reckoned with. You have been far too quiet of late, so make some noise!


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