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Contributing to tax-deferred accounts like 401(k)s and IRAs allows money to grow tax-free until withdrawal, lowering current taxable income.

Contributions to a Roth IRA are made with after-tax dollars but earnings and withdrawals are tax-free, beneficial if you expect to be in a higher tax bracket in the future.

Contributions are tax-deductible, growth is tax-free, and withdrawals are tax-free if used for qualified medical expenses, potentially offering triple tax benefits.

Investments in 529 plans grow tax-free and withdrawals for qualified education expenses are also tax-free, providing a tax-advantaged way to save for education.

Donations to qualified charities can be tax-deductible, reducing taxable income if itemizing deductions on the tax return.

Selling investments at a loss can offset capital gains and up to $3,000 of ordinary income, reducing your tax liability.$

Income from municipal bonds is often exempt from federal income tax, and sometimes state and local taxes, providing a tax-efficient investment income.

Tax credits may be available for making energy-efficient upgrades to your home, effectively reducing the amount of tax you owe.

Investing in real estate can offer several tax benefits, such as deductions for mortgage interest, property taxes, and depreciation.

Self-employed individuals and business owners can deduct legitimate business expenses, reducing taxable business income.

Employer-sponsored retirement plans such as a 401(k) allow for pre-tax contributions, lowering your current taxable income.

Transferring income to family members in lower tax brackets can reduce the overall tax burden for high-earning individuals or families.

By deferring income to a later year, you may be able to take advantage of being in a lower tax bracket or deferring tax liabilities.

Paying deductible expenses like medical bills or state taxes early can increase your deductions in the current year, reducing taxable income.

Investing in designated Opportunity Zones can defer and potentially reduce capital gains taxes, and eliminate taxes on future gains if held for 10 years or more.

Provides a deduction up to 20% of qualified business income for eligible self-employed individuals and small business owners, reducing taxable income.

Life insurance payouts are generally tax-free to beneficiaries, and some policies can accumulate cash value on a tax-deferred basis.

Gifting within annual exclusion limits ($15,000 per recipient per year) can reduce the taxable estate without incurring gift tax.$

Capital losses that exceed capital gains can be carried forward to future years to offset future capital gains, providing tax planning flexibility.