What are the various ways to reduce Taxes?
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Max out 401K
Max out 457b
Max out Roth IRA to prevent future taxes
Tax Loss Harvesting-sell losing stocks before the year end –>keep in money market fund for more than 31 days to prevent Wash Sale and buy the same fund if you want after that.
Avoid selling funds before keeping them for more than 12 months to avoid short term capital tax
Use tax efficient funds in Taxable accounts
Keep turnover low. Do not sell often.
Sell appreciated shares after Jan 1st to delay paying taxes until next tax season
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