Maximize contributions to tax-advantaged retirement accounts such as 401(k) or IRA.
Claim all eligible tax deductions, such as mortgage interest, charitable contributions, and medical expenses.
Take advantage of tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit.
Keep accurate and organized records of all income and expenses.
Use tax software or hire a tax professional to ensure that you’re taking advantage of all available tax benefits.
Consider bunching miscellaneous deductions in a single year to reach the floor threshold.
Plan ahead for investment gains and losses to minimize capital gains tax.
Look into tax-free ways to invest in real estate, such as 1031 exchanges.
Track expenses related to a home office if you are eligible to claim it as a deduction.
Consider timing income and expenses to reduce your taxable income in the current year.
