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.