Jane Martin
@Jane.Martin · Updated 23 May. 2022

If you want to lower your taxable income, you should consider these five common ways.

• Increasing your retirement contributions.
• Making charitable contributions.
• Investing in a tax-deferred annuity.
• Investing in mutual funds that have a low turnover rate and are held for at least one year.
• Converting from a traditional IRA to a Roth IRA.

Peter Clark
@Peter.Clark · Posted 23 May. 2022

The government has made it a lot more difficult to minimize your taxes. However, there are still ways you can do it.• You can take advantage of a tax-deferred retirement account like an IRA or 401(k). You will pay taxes on the money in that account when you withdraw it during retirement.• You can also contribute to a Health Savings Account (HSA). You will not be taxed on the money you put into that account and the money can be used for medical expenses.• Another way to lower your taxable income is by taking advantage of the Child Tax Credit. If you have children under 17, then you may qualify for this credit which is worth up to $2,000 per child.