It’s time for midyear tax planning – Timely tips to help keep your tax bill low

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Abstract: Tax-saving strategies take time to implement, so it’s important to not wait until the end of the year. This article offers several midyear strategies for individuals to consider. These include reducing taxable income, modified adjusted gross income (MAGI), and/or net investment income; contributing to retirement plans; and planning for medical expenses. A sidebar notes that it’s possible to avoid or reduce underpayment penalties by increasing income tax withholding.