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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 lookahead horoscope: May 4, 2025

 

IF TODAY IS YOUR BIRTHDAY

You will be looking to move up in the world this year and because you are so relentless there is no doubt at all that you will succeed. Just remember you don’t have to sacrifice other areas of your life. All work and no play is utter stupidity.

ARIES (March 21 - April 20):

Pluto’s retrograde phase means that some of your more wide-ranging plans will have to be put on hold for a while. You can still transform your existence but you will need to plan further ahead and not expect everything to happen at once.

TAURUS (April 21 - May 21):

It will become apparent over the next two or three days that someone you thought you could trust has in fact been leading you on for quite some time. Don’t waste your energy trying to hit back at them, just terminate the relationship once and for all.

GEMINI (May 22 - June 21):

The mental block that has been holding you back from expressing yourself will shift a bit and then break completely this week. Once you are able to think straight again you will see what needs to be done to make the most of your creative ideas.

CANCER (June 22 - July 23):

Money problems of one sort or another will come to a head over the next few days but don’t overreact and start selling all your worldly goods. You will have to learn to get by with less for a while but you don’t need to live like a pauper.

LEO (July 24 - Aug. 23):

If you need assistance from friends and loved ones over the coming week you must request it loudly and clearly. There is no shame in asking for help and no one will hold it against you, so there is no need to whisper as if it’s a secret.

VIRGO (Aug. 24 - Sept. 23):

Something you were once so scared of no longer worries you in the slightest, and that’s a good thing, but the planets warn you still need to be on your guard because your rivals will be looking for new ways to frighten you.

LIBRA (Sept. 24 - Oct. 23):

By all means express yourself directly and forcefully but don’t expect everyone to agree with your ideas. As Pluto begins its retrograde phase even friends and family members will be inclined to argue the toss. Don’t take their belligerence too seriously.

SCORPIO (Oct. 24 - Nov. 22):

The more someone tries to convince you to lower your sights and pursue an easier goal the more determined you must be to go after it and get it. The only reason they are being so negative is because they know your efforts will overshadow their own.

SAGITTARIUS (Nov. 23 - Dec. 21):

Quit trying to be Mr. Nice Guy and accept that you need to be more aggressive to get things done. If you try too hard to make allowances for other people’s faults not only will they never learn but those same faults could some day harm you.

CAPRICORN (Dec. 22 - Jan. 20):

You may want to be open and honest about what you are about to attempt but the planets warn that could work against you, so hold back on what you tell other people this week, because the less they know the better it will be for you.

AQUARIUS (Jan. 21 - Feb. 19):

Communications planet Mercury will make it easy for you to put your thoughts into words this week but just because you CAN say something does not mean you HAVE to. Other influences suggest you may gain more by keeping your mouth closed.

PISCES (Feb. 20 - Mar. 20):

The best way to deal with a heavy workload is to pretend that it’s not heavy at all. The more you tell yourself that it’s no big drama the more your mind will believe it and it’s your mind that determines whether your efforts succeed or fail.

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