There are several Tax-saving Strategies that you can consider to reduce your taxable income and lower your tax bill:–
1] Max out 401(k) Contributions:- Contributing to a 401(k) can reduce your Taxable Income and lower your Tax bill.
2] Consider a Health Savings Account (HSA):- An HSA is a Tax-advantaged savings account for Medical expenses.
3] Take Advantage of deductions:- Common Tax deductions include mortgage interest, charitable contributions, and state and local taxes.
4] Defer Income:- Delay receiving income until the following year to reduce your Taxable Income in the current year.
5] Invest in a Traditional IRA:- Traditional IRA contributions can be Tax-deductible and lower your Taxable Income.
6] Use a Flexible Spending Account (FSA):- An FSA allows you to use pre-tax dollars to pay for eligible healthcare and dependent care expenses.
7] Consider Energy-efficient Home improvements:- Energy-efficient Home improvements can qualify for tax credits.
Remember , to consult a Tax professional or the IRS website to understand which tax-saving strategies are best for your specific situation.