Thanks to recent legislation, you now have more ways than ever to save on your federal income taxes.

But the tax code is also more complex than ever. So the details of various credits, exemptions, deductions and other provisions — as well as the specifics of your situation — will determine what steps you can take to reap the biggest savings.

To help you zero in on the strategies that best fit your needs, we’ve organized this guide into sections that focus on different taxpayer situations:

• Everyone will want to look at those pages that highlight recent tax law changes, point out commonly overlooked deductions, offer smart investing strategies, show how to maximize retirement savings and discuss tax-smart ways to manage wealth.
• Families will find the section on child care credits, education funding and income-shifting strategies especially helpful.
• Business owners and the self-employed will be particularly interested in the chapter on how to minimize taxes on business income.

Where pertinent, we’ve included charts detailing tax rates, income limits and other information that can help you formulate appropriate strategies. You’ll also want to look at the Tax Action Strategy sidebars, which illustrate specific ways to realize tax savings.

Because tax law — and therefore tax planning — is so complicated, this booklet simply cannot cover all the tax-saving opportunities that may apply to you. So we strongly encourage you to contact a professional advisor before implementing any of the strategies discussed here. Your advisor can tell you more about how they fit your situation and possibly suggest additional ways to build a better financial future while paying less tax.

Coming Soon