@SerranoSin ,
Great question!
I can give you a few ideas on what you might want to look into.
However, you may want to speak to a local financial planer for more advice that is out of the "tax help" type of advice we are allowed to give.
Feel free to review the following TurboTax website for 7 Best Tips to Lower Your Tax Bill:
https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/7-best-tips-to-lower-your-tax-bill-f...
If you have capital investments, this is my favorite tip:
Reporting losses on capital investments can also reduce your tax bill. “Loss harvesting” is considered to be a key year-end strategy. This is when you sell your investments to “realize” a loss(the act of selling at a loss). These losses can be used to offset capital gains taxes, dollar for dollar, reducing your overall tax liability.
- When you have more losses than gains, you can use up to $3,000 of excess losses to offset ordinary income.
- The remainder of the losses (in excess of the $3,000 allowed each year) can be carried forward year after year.
- Keep in mind that the IRS doesn't allow use of losses from a “wash sale"; when you purchase the same or “substantially similar” investment within 30 days before or after the loss.
I hope these 7 tips help!
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