With 2020 winding down, here are ideas to reduce your tax burden this year.

Leverage Pre-Tax Savings: Take advantage of opportunities to set aside income on a pre-tax basis including:

-Participation in your employer’s retirement savings plan.

-Fully funding Health Savings Accounts(HSA) and Flex Benefits
Accounts that allow using pre-tax earnings to pay for childcare
and out-of-pocket medical costs. remember, however, unlike
HSAs it is important to use up any funds in your Flex health care
accounts and dependent care accounts prior to the end of the
plan year as any unused funds will be forfeited.

-Take full advantage of employee benefits like pre-tax child care,
parking reimbursements, and any tuition reimbursement
programs.

-Paying any healthcare costs with pre-tax dollars.

Defer Income And Accelerate Deductions

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