Financial Advisor Insights

5 Strategies to Reduce Tax This Year

This article was originally published by Darrow advisor Kristin McKenna, CFP® on Forbes.

For most taxpayers, there isn’t a magic bullet to reduce taxable income to the extent many Americans might prefer. However, there are several ways to incrementally add layers of tax-efficiency and savings. When combined into one strategic tax plan, taxpayers can work to reduce their taxable income as much as possible, which helps prevent climbing into a higher marginal tax bracket for regular income and capital gains.

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