Want to pay less in taxes but not sure where to start? Tax savings come from gaining the right knowledge - and taking action. In this video, I will share practical, easy-to-understand tax minimization strategies that every taxpayer should know. Building on my previous video entitled "Understand the Game of Tax Form 1040," this follow-up video explains how to reduce recognized gross income, maximize above-the-line adjustments, plan for greater below-the-line deductions, and take advantage of tax credits. Whether you're planning for this year's tax filing or seeking to gain knowledge, these tips will help you keep more of your money. Start making smarter tax decisions today
Chapters
00:00 Introduction
00:56 Video overview
01:27 Revisiting Form 1040
02:22 How to reduce recognized gross income (legally without sacrificing income)
04:02 Income smoothing
04:41 Managing the tax bracket
07:00 Deferring income into a future tax year
08:01 Positioning assets in the appropriate type of account
09:14 Purchasing tax-exempt securities
09:58 Tax loss harvesting (a powerful strategy!)
11:12 Investing for long-term capital gains
11:28 Increasing my above-the-line deductions
13:15 Planning to maximize below-the-line deductions
14:40 Protecting valuable tax credits
15:29 Recap and final tips