It's essential to understand your tax obligations and what taxes you're required to pay. This includes income tax, property tax, sales tax, and other taxes that may apply to your specific situation.
Take advantage of tax-advantaged accounts such as IRAs, 401(k)s, and HSAs to save for retirement and pay for medical expenses with pre-tax dollars.
Deductions are a way to reduce your taxable income. You can maximize your deductions by keeping track of all your expenses, including business expenses, medical expenses, and charitable donations.
If you have some control over when you receive income, consider timing it to minimize your tax liabilities.
Tax credits are a dollar-for-dollar reduction in your tax liability. Some popular tax credits include the Earned Income Tax Credit, Child Tax Credit, and Education Tax Credit.
If you're planning to sell an investment, consider the tax implications of capital gains. You may be able to offset your capital gains by selling other investments at a loss.
If you have a high-deductible health plan, you can contribute to an Health Savings Account (HSA) to pay for qualified medical expenses with pre-tax dollars.