Don't Miss:  10  Last-Minute Tax Saving Tips 

No matter your circumstance, a goal you should have is to realize tax savings by taking advantage of some proven year-end tips to reduce your taxable income. 

When you prepare your annual tax return, you must tally all available sources of taxable income to arrive at your gross income.

1. Be Sure to Take Last-Minute Deductions

The AMT originally came into being as a way to make sure wealthy taxpayers don’t use too many legal deductions to drive down their tax bill to unreasonable levels. 

2. Be Mindful of the Alternative Minimum Tax

To find more tax savings from your losing investments, you need to sell them to offset any capital gains you’ve recognized during the year. 

3. Buy Low, Sell Low

By contributing the maximum to your traditional retirement accounts, you can receive some tax savings by reducing your taxable income.

4. Contribute the Maximum to Available Retirement Accounts

Be mindful of the tax implications for any gifts given to children to pay for college tuition. 

5. Avoid Paying the “Kiddie Tax”

Individuals can contribute up to $3,450 and families can contribute $6,900 post-tax and deduct them against your taxable income at tax filing time.

6. Contribute to Your Health Savings Account (HSA)

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