I purchased group term life insurance through my employer. I was told it will save me a lot of money since it will be pre-tax deducted from my paycheck.
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You are taxed based on your income. The higher your income the more you are taxed.
Certain types of spending, like charitable giving, are not counted as part of your income and therefore lower your tax burden.
If you make $65,000 and give $1,000 to charity you’ll be taxed as if you earned $64,000.
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