How to reduce taxable income if you're worried about tax rate increases. If you're concerned about the possibility of tax rates going up or just looking to reduce your taxable income in 2021, consider these tax planning techniques. So, as you consider ways to reduce tax, don't let the desire for tax savings overshadow the actual outcome. Stock options: plan then exerciseMuch like Volkswagen's sign then drive campaign, if you have employee stock options, you should plan with your advisor first...then exercise. Start a retirement plan for your businessConsider if you: are a business owner without a retirement plan.

Source: Forbes October 27, 2021 00:06 UTC