Nov '25 (edited) • General discussion
🤑 10 Overlooked Opportunities to Trim Your Taxes
Most people pay more than they should because they don’t know what’s available to them.
These are all perfectly legal strategies that most overlook.
Which of these have you already taken advantage of? 👇
1️⃣ Make Your Savings Work for You: Don’t let cash sit in low-interest accounts. Use high-yield or tax-free money market funds to make your idle cash work harder.
2️⃣ Invest in Wealth-Building Assets: Own assets like real estate, stocks or alternative investments you understand. Long-term gains are taxed at lower rates than ordinary income.
3️⃣ Fund Tax-Reduction Accounts: Max out your 401(k), SEP IRA, or Roth accounts. They reduce taxable income and grow your wealth tax-efficiently.
4️⃣ Use a Backdoor Roth IRA: High earners can still fund a Roth legally through a conversion from a nondeductible IRA.
5️⃣ Work Overseas (if it fits your lifestyle)The Foreign Earned Income Exclusion can let you exclude over $130,000 of income if you qualify (2025).
6️⃣ See if You Should Itemize: If you own a home, have healthcare expenses, or give to charity, itemizing may save you more than your standard deduction.
7️⃣ Trade Bad Debt for Smart Debt: Refinance high-interest credit cards into lower-rate mortgage debt. Mortgage interest can be deductible, credit cards aren’t.
8️⃣ Give Strategically: Don’t just donate cash, non-cash items and mileage count too. Keep good records.
9️⃣ Maximize Self-Employment Deductions: Home office, internet, business meals, mileage, small items add up.
🔟 Get Help When It’s Worth It: Tax software is fine for simple returns, but a tax strategist can find alternative savings that pay for themselves.
💬 Which one surprised you?
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🤑 10 Overlooked Opportunities to Trim Your Taxes
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