12 Legal Ways to Reduce Your Tax Burden

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Open a health savings account

Having an eligible high-deductible medical plan gives you the opportunity to contribute to a health savings account. If you contribute, this type of account offers an immediate tax deduction, allowing you to withdraw it tax-free if you’re using the money for medical expenses, of course.

Claim a home office deduction

Working for yourself in the comfort of your own home? Then why not claiming the home office deduction? In order to get this deduction, the home office space must be used exclusively for business purposes. For example, if you have an extra bedroom at home and you use it as a home office, you can deduct that space from your rent and utility fees.

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