Income Tax Strategies

Income Tax Strategies

• Maximize Income Tax Deductions. Maximize income tax deductions to reduce taxable income.

• Manage Your Income Tax Bracket. Strategically time income and maximize deductions to manage tax brackets and minimize overall liability.

• Stack Income Tax Deductions. Stacking flexible itemized deductions into high-income years maximizes tax savings.

• Donor Advised Funds (3x Benefits). Donor Advised Funds are personal charitable investment vehicles that can provide you with triple tax benefits

• Use a Deferred Compensation Plan to Push Income to Future Years. If offered by your employer, a deferred compensation plan allows you to (quite literally) defer income to future year(s); ideally to years where your income tax rate will be lower.

• Understanding and Optimizing for State Taxation. State taxation rules can differ substantially in some areas. Make sure you understand your state's specific tax laws for the strategies you implement.

• Maximize Employer Paid Social Security. Exercising NSOs (from a former company) when you're self-employed can reduce the Social Security taxes you have to pay by as much as 50%

• Uncommon Ways to Reduce Your Taxable Income. A handful of uncommon (and typically complex) strategies may help you reduce earned income in select situations

Cross-Listed Tax Strategies

In addition to the above income tax strategies, a number of other tax strategies may also apply in certain situations. We encourage you to review all of the strategies detailed on the 50+ Tax Strategies page to ensure you have the proverbial "full menu" of tax planning strategies to consider for your situation.