#3 Cut Your Expenses

Let’s be honest: reducing your tax bill is not as easy as cutting down on buying coffee or canceling a subscription that was just eating up your funds and not being used. However, a lot of people can reduce them by making sure they do not take out a lot of money from their retirement accounts that are taxable. And this is easily achievable by lowering your living expenses.

This will help you both keep your taxable income low (which translates into reduced and lower taxes) and also keep the money in your bank account. Generally speaking, it is a good idea to make sure you are not living outside of your means and keeping a close eye on where all your savings are going.

This may also include looking into the brokers your retirement accounts are with, so that they aren’t gouging you with fees and thus losing you more money.