Tax Saving Strategies: A Helpful Checklist
- Avoid or Defer Income Recognition
- Max Out Your 401(k) or Similar Employer Plan
- If You Have Your Own Business, Set Up and Contribute to a Retirement Plan
- Contribute to an IRA
- Defer Bonuses or Other Earned Income
- Accelerate Capital Losses and Defer Capital Gains
- Watch Trading Activity In Your Portfolio
- Use the Gift-Tax Exclusion to Shift Income
- Invest in Treasury Securities
- Consider Tax-Exempt Municipals
- Give Appreciated Assets to Charity
- Keep Track of Mileage Driven for Business, Medical or Charitable Purposes
- Take Advantage of Your Employer's Benefit Plans to Get an Effective Deduction for Items Such as Medical Expenses
- Check Out Separate Filing Status
- If Self-Employed, Take Advantage of Special Deductions
- If Self-Employed, Hire Your Child in the Business
- Take Out a Home-Equity Loan
- Bunch Your Itemized Deductions
- Defined Benefit Plan / Cash Balance Plan
