Sharon Gross, CPA
Smart Strategies to Legally Minimize Your Tax Liability
Minimizing your tax liability starts with proactive planning and a clear understanding of available deductions, credits, and timing strategies. Whether you're an individual or a business owner, there are numerous ways to reduce what you owe while staying fully compliant with the law.
One of the simplest strategies is to maximize your contributions to tax-advantaged accounts such as 401(k)s, IRAs, HSAs, and SEP IRAs. These contributions reduce your taxable income today and grow tax-deferred or tax-free, depending on the account type. Homeowners can also benefit from mortgage interest deductions, while families may qualify for child care and education-related tax credits.
Business owners should evaluate their entity structure, take advantage of depreciation and Section 179 deductions, and ensure they are categorizing expenses correctly. Timing also matters—accelerating expenses and deferring income at year-end can have a significant impact on your taxable bottom line. Partnering with a seasoned CPA ensures you're using every opportunity available to pay only what you truly owe.
