To begin, you can reduce taxable earnings by maximizing your pension contributions, and thus reducing your income taxes. Business owners and self-employed. You can creatively take advantage of tax-saving strategies such as forming an S corporation and paying your children. You can also set up retirement accounts. You do have the option to itemize and deduct certain medical bills. For seniors with significant healthcare expenses, this can offer tax savings. You are. You can save a bit more in your health savings account (HSA). For , the maximum you can contribute to an HSA is $3, for an individual (up $50 from ). But they might also be the easiest to reduce, with the right strategies in place. Morgan Stanley Total Tax offers a full spectrum of tax-efficient solutions.
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Tax Strategies for High Income Earners to Help Reduce Taxes