Another great way to reduce your taxable income while building your nest egg is to make a contribution to a 401(k) or a traditional IRA. If you are self-employed and contribute to a SEP IRA, you can contribute up to the lesser of 25% of your net self-employment income or $58,000 for 2021.
If you have a Flexible Spending Account and have money left, get caught up on your doctor's visits. While the old “use it or lose it” rule does not apply, you may be able to carry over only $550 in your 2021 FSA account at the end of the year.
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