We contribute the 15% to our 401K, deduct donations and mortgage interest, but what are some other ways we can reduce our taxable income? What are some other deductions we may consider? I have a 21 year old college age daughter who still lives at home but works and an 18 year old son who graduated in 2024, works full-time and is not yet in trade school (TBD for 2025). I am looking at ways to not owe at tax time without having to increase the amount of taxes taken out of our paychecks. If our check are reduced, I'd rather it be as a result of an increased 401K contribution. What stipulates "being behind" in retirement savings that may allow us to increase our 15% 401K contribution? We have good health insurance - low premiums and deductibles so we are only eligible for FSA, not HSA. Can parents claim college tuition or must the child/student claim that deduction?
