Top 5 Ways to Lower Your Tax Bill

Tax Day is just around the corner. Be sure to file your tax return before it’s too late! If you’re like me, this was taken care of weeks ago. If not, you have some work to do. Have fun with that!

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Our consumerist society will use just about any excuse to turn a holiday or paperwork deadline into a retail event. A few weeks ago, there were St. Patrick’s Day sales.

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Before that, we were enticed to Leap into Savings on Leap Day. And of course, all the tax refund “deals”. Retailers aren’t happy unless you’ve spent that refund before it hits your bank account. End Rant.

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Top 5 Ways to Lower Your Tax Bill

If you are in a position to have a high deductible health plan, an HSA is another tax deferral strategy you should utilize. Individuals can contribute $3,350, families $6,750, with an additional $1000 if age 55 or up.

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The self-employed can take many deductions, whereas an employee is much more limited. Some physicians have the benefit of being both an employee and an independent contractor.

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I think we all know that giving to charity is a good way to lower the tax bill. Of course, giving to charity doesn’t build wealth, but giving can be done in ways that give the most benefit with the least cost to you.

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Half the work, half the income, less than 20% the tax. To be fair, I should point out that she won’t see much, if any savings in social security tax, property tax, sales tax, etc.

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Top 5 Ways to Lower Your Tax Bill

Tax Day is just around the corner. Be sure to file your tax return before it’s too late! If you’re like me, this was taken care of weeks ago. If not, you have some work to do. Have fun with that!

Our consumerist society will use just about any excuse to turn a holiday or paperwork deadline into a retail event. A few weeks ago, there were St. Patrick’s Day sales.

Before that, we were enticed to Leap into Savings on Leap Day. And of course, all the tax refund “deals”. Retailers aren’t happy unless you’ve spent that refund before it hits your bank account. End Rant.

Top 5 Ways to Lower Your Tax Bill

If you are in a position to have a high deductible health plan, an HSA is another tax deferral strategy you should utilize. Individuals can contribute $3,350, families $6,750, with an additional $1000 if age 55 or up.

1. Tax deferred retirement savings

The self-employed can take many deductions, whereas an employee is much more limited. Some physicians have the benefit of being both an employee and an independent contractor.

2. Be Self-Employed.

I think we all know that giving to charity is a good way to lower the tax bill. Of course, giving to charity doesn’t build wealth, but giving can be done in ways that give the most benefit with the least cost to you.

3. Give to Charity.

Half the work, half the income, less than 20% the tax. To be fair, I should point out that she won’t see much, if any savings in social security tax, property tax, sales tax, etc.

4. Work Less.

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