USA Reduce Tax Liability


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So
With the new tax law I owe 6K in Federal/State taxes. I could reduce this by $1,820 contributing to an IRA. Contributing both the max for myself and wife 13K. Some said consider contributing to HSA? Any thoughts? I have not filed yet and it is late in the game. The new tax laws, well, just interesting. I did change W-4 from 2 to 0.

Thanks
 
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bklynboy

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Those are the only 2 I am aware of other than self employed can use a SEP IRA and make large contributions to that. I am assuming you have taken all the available deductions available to you and that their is no question about whether you have missed anything.

Looking forward there are a lot more strategies to employ before the ax year ends and is something you should start looking at in Oct/Nov. Quite easy to estimate your tax liability and you would have time to do certain things to lower income/increase deductions.
 

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