Taxes only get more complicated every year as changes are made to the tax code, sometimes retroactively.
It is worth your time do tax planning.
High-net worth individuals: tax planning for your estate can save a considerable amount of money for your heirs by reducing the taxes that are paid. Some ways to accomplish that are setting up certain types of trusts, making annual gifts that will reduce the amount in the estate, giving to charities or establishing a stretch IRA that allows family members to grow assets in a tax-deferred vehicle for many years.
Everyone: do your research. Your situation is unique and these suggestions may not be right for you.
Some ways to reduce your tax bracket (besides quitting your job) include:
* make deductible contributions to retirement accounts,
* defer income,
* donate to charities,
* maximize itemized deductions,
* put investments that generate interest income inside retirement accounts
* and investments that generate capital gains and losses outside retirement accounts.
If you need help, please consult with a tax professional.
"Remember your dreams and fight for them. You must know what you want from life." - Paul Coelho
"Failing to plan is planning to fail." - Alan Lakein Lakein
"Never underestimate the power of dreams and the influence of the human spirit." - Wilma Rudolph
"Before beginning, plan carefully." - Marcus Cicero