Lower your taxes
plan better kaye thomas
Kaye Thomas

Minimize your tax hike
High-income earners are facing increased tax rates this year. One of the best ways they can soften the blow is to take full advantage of retirement savings opportunities through contributions to 401(k) or IRA accounts.

Other tax shelters are likely to be nothing more than a fancy way to throw money away.

There are legitimate ways to avoid taxes on capital gains. You don't pay tax on a gain on property you donate to charity. And a gain on property held at death escapes income taxes.
-- Kaye Thomas, tax lawyer and founder of the investor tax guide Fairmark.com

Related: Readers weigh in with their Best Money Advice

A bigger bite
Average 2013 federal tax increase:

Annual income: $75,000 to $200,000 Tax increase: $1,558
Annual income: $200,000 to $500,000 Tax increase: $2,796

Source: Source: Tax Policy Center
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  @Money - Last updated June 26 2013 04:26 PM ET
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