How to Pay Less Taxes: 7 Basic Tax Planning Strategies

Over the course of several years, a few hundred or a few thousand extra dollars on your tax return can pay for some nice vacations, round out your retirement savings, or even give you the start of a college fund.

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Here are 7 proven tax-saving tips that could help you save a bundle during this year's tax season.

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1. Move To a State That Doesn't Have State Income Taxe

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2. Are You a Business Owner? Get a Solo 401(K)

[{"selector":"#anim-53478019-0702-48f2-9b29-42fa892dac2a","keyframes":{"opacity":[0,1]},"delay":250,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a270f206-dd29-4387-bef5-21b4837ee71b","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98845bfc-4007-482b-96bd-49bb7abb6708","keyframes":{"opacity":[0,1]},"delay":500,"duration":1500,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Well, If you're self-employed, the tax incentives are still there if you save for your retirement. But at the same time, you don't get to simply pay into a traditional IRA or an employer-based 401(k). Learn more

3. Become a Homeowner

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4. Get Married

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5. Have Kids

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Swipe Up

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How to Pay Less Taxes: 7 Basic Tax Planning Strategies

Over the course of several years, a few hundred or a few thousand extra dollars on your tax return can pay for some nice vacations, round out your retirement savings, or even give you the start of a college fund.

Here are 7 proven tax-saving tips that could help you save a bundle during this year's tax season.

1. Move To a State That Doesn't Have State Income Taxe

2. Are You a Business Owner? Get a Solo 401(K)

3. Become a Homeowner

When you're getting ready to buy your forever home, chances are you're not touring houses and thinking, “Oh my goodness this house is the perfect opportunity to reduce my tax burden this year!

4. Get Married

5. Have Kids

If your gameplan is to have kids in the near or distant future, they can help you reduce your taxes for two reasons. First, they're dependents that you can claim on your tax filings. And second, because you can benefit directly from child tax credits.

Swipe Up

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