Consider tax-loss harvesting to offset capital gains, holding investments for more than a year to qualify for lower long-term capital gains rates, and using tax-efficient fund placement strategies. Invest in tax-exempt municipal bonds for income that's free from federal taxes and potentially state taxes if issued in your state of residence.

Many miss deductions for home office space, business vehicle usage, health insurance premiums, retirement plan contributions, and business-related education expenses. Track all business expenses meticulously and consider setting up a qualified business income (QBI) eligible entity structure to potentially qualify for the Section 199A deduction.

Consider annual gift exclusions ($18,000 per recipient for 2025), direct payments for educational or medical expenses, establishing irrevocable trusts, and charitable giving strategies. The lifetime estate and gift tax exemption amount is still substantial but planning is important, especially for larger estates.

Look into the Child Tax Credit, Earned Income Credit, American Opportunity and Lifetime Learning Credits for education, Residential Energy Credits for home improvements, and the Retirement Savings Contributions Credit (Saver's Credit) if you qualify based on income. Credits directly reduce tax owed dollar-for-dollar and are more valuable than deductions.