Common tax-reduction strategies at all income levels include taking maximum advantage of tax-deferred retirement savings plans such as 401(k)s, holding investments more than a year to qualify for long-term capital gains rates, and taking maximum advantage of available tax write-offs such as tax credits and itemized deductions. With a high income such as yours, you may want to consult a tax adviser, certified public accountant, and/or financial planner for additional recommendations and assistance.
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