Savvy tax planning is often thought of as the purview of the highly wealthy, and that’s true as far as it goes. The affluent do use trust arrangements, philanthropic giving and other strategies to meaningfully reduce what goes to paying taxes.
But, as discussed in a new analysis by the Colcom Group, the consulting and accounting firm, mass-affluent and middle-class taxpayers also have various ways to keep more of their hard-earned money come tax time.
It is never too early to start planning for the next tax season, the report notes, and that’s true for both the highly wealthy and for taxpayers who plan to claim the standard deduction in 2026.
See the accompanying slideshow for nine tax breaks that will be available next year for standard filers.
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