2. Use the Loopholes
Did you know there are tons of contributions that are tax deductible no matter what your income? One of the most common is the IRA deduction, which is $5,500 for 2015 for those individuals who are younger than 50. This actually works better for the little guy because $5,500 is 10% for someone who makes $55,000 per year and only 1% for those who made $550,000 in 2015.
You can still make contributions to your eligible IRA account until April 2016 to claim on this year’s taxes.