The Top 3 Tax Tips for 2023

The following tips can save you tax for calendar year 2023:

1. Contribute to an H.S.A. before the end of the year. Fund the contributions directly through payroll to avoid paying both payroll taxes and Federal income tax on the deposits.
2. Max out your employer-provided 401k. Self-employed people may be able to create a self-employed pension plan with similar results. 
3. Realize losses on investments in a taxable brokerage account if you have them to offset capital gains or up to $3,000 of ordinary income.

At least one of these simple, easy-to-execute steps are available to most taxpayers. Taking advantage of these steps can result in significant tax savings over the years.