What Can I Do To Minimize My Taxes?
Each person’s tax situation will vary that when it comes to minimizing taxes there is no “one-size-fits-all” solution; business owners will differ from retirees and retirees will differ from someone receiving a wage from an employer. However, no matter the tax situation, there is generally more that can be done prior to December 31st of the tax year than after. Many people benefit from tax planning done by a CPA between October and December to tell
you what you can do specifically to minimize taxes.
Common and simple ways to minimize taxes include contributing to a Traditional IRA (as opposed to a Roth IRA), contributing to an HSA (if you qualify for one), and being aware of the tax credits you qualify for. The CPA's at Davis & Bott can help you decide what would work best for you.