Great question!
- The biggest impact to reduce income is to maximize contributions to a tax-deferred retirement account. If you are covered by a high-deductible health plan, you may be eligible to contribute to an HSA (Health Savings Account). The amount contributed to either, subject to annual limitations, will reduce taxable income.
- A second method to decrease taxable income would be to increase itemized deductions. For example, contributions to charity could be increased for the year of the profit unit pay (bunch several years of donations into a single year).
Here's a link to a TurboTax article on 4 Last-Minute Ways to Reduce Your Taxes.
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