How do you reduce your taxable income? |
earn less. |
The layman methods are 401k (or traditional IRA or 403b or 457), HSA.
If you're richer than average then consult a tax professional to find out if you can Kushner your taxes. |
Maximize tax advantage accounts
https://www.investopedia.com/terms/t/tax-advantaged.asp |
What about FSA for medical and dependent care? |
We are doing a defined benefit plan this year. Will put about $100k per year in it, which is more than the $54k allowed in SEPs and 401k/profit sharing plans. We also have an HSA, although that’s only about $6500/year. |
FSA is a good way to do it. Additional health insurance plans that you may not have such as extra vision or dental insurance is pretax. |
max out 401k/403B/IRAs
take all the Flex spending plans your work offers charitable donations |
How are charitable donations treated under the new tax laws? |
Standard deductions. |
So, they basically don't count? |
What about buying a second home? Isn’t the mortgage interest deductible? |
They count the same as they always did. The difference is just that the standard deduction is higher now, so many people won't itemize anymore. But if you do itemize, you can still deduct charitable donations. |