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How can I reduce the amount of my taxable income?

I am 38 years old and have two jobs at non-profit companies. My annual income is $115,00. I am contributing 8 percent of my bi-weekly salary into my 401(k) which is not matched by my employer, though they typically deposit about $2,500 annually depending on their financial status. Last month I paid off all credit card debt and now the debt I have is $7,800 on a car loan and $50,000 in student loans. I live in a cooperative apartment and pay about $1,000 monthly for living expenses.

How can I reduce the amount of my taxable income? What should my financial strategy be?

Banking, Career / Compensation, Debt, Financial Planning, Retirement
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May 2018

You can put up to $18,500 into your 401(k) so that would be the obvious spot to start.  This would deduct that amount from your $115,000 salary and thus you will show less income, be taxed on less income, and naturally pay less taxes.  Also it gives the added benefit of properly saving for retirement now that you are debt free (congrats by the way).  Other than that not a ton for you in your current situation short of giving more to charity that would have a big impact and worth it in my humble opinion.  Hope this helps.

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