With a high-deductible health insurance policy, you are eligible for a health savings account (HSA) which are triple tax free. Your contributions reduce your taxable income in the year you make them. The interest, dividends and capital gains from these accounts are free from tax.  Withdrawals used to pay for qualified medical expenses are also tax free. For the 2024 tax year, HSA contribution limits are $4,150 for individuals and $8,300 for families. Those who are 55 and older can contribute an additional $1,000 in catch-up contributions. Because of the compounding benefits of HSAs, it’s advantageous to assess your current contributions and how you might be able to increase them throughout the year.

For traditional IRAs, contributions are not taxed until you take a distribution. Contributions to traditional IRAs may be fully or partially
deductible based on income and your filing status.

Single taxpayers covered by a workplace plan and earning above
$83,000 can’t deduct contributions. For married couples where a workplace plan covers both spouses, deductions typically disappear above $136,000. Maximizing traditional IRA contributions can be a beneficial strategy for certain people.

Meet with your wealth advisor to discuss the right approach for you.

Contributions to qualified retirement plans, such as 401(k)s, 403(b)s and 457s, can reduce your taxable wages.

First, ensure you’re taking advantage of any employer-match programs.

Then, if you want to maximize your pretax and retirement savings, look to contribute as much as you can (up to $23,000 for 2024 and up to
$30,500 for those over 50).

Form W-4 tells your employer how much federal income tax to withhold from your paycheck. Many people neglect to update this form each year, but it can make a big difference come tax time. If you owed money this year, consider future additional withholdings from your paycheck. However, if you received a large refund, think about withholding less money from your paycheck. Use this extra money to fund a high-yield savings account, money market account, savings bond or other investment vehicles.

Donating assets such as securities, artwork or real estate to qualified charities allows the donor to take a deduction for the full, fair market value of the gifted assets while not being subject to capital gains taxes if those assets were held for more than a year.

Donors who establish and transfer assets to a DAF receive an immediate tax deduction in the year donated. Over time, donors can recommend grants from the DAF to qualified charities.

 For those 70½ or older, you can transfer up to $105,000 directly from your IRA to qualified charities tax free.4 The distribution counts toward your required minimum distribution while also being excluded from your taxable income.