Ways to reduce taxable income for 2014

[wikiwiki]

I have started to look at taxes for 2014--

DH works FT, I am self employed and make estimated tax payments throughout the year. We file jointly.

We have an HSA that DH contributes to through work and we've added a little extra throughout the year.

I have not paid enough Estimated tax to cover my tax so rather than pay more for tax in January to cover that, should we use that money to deposit into the HSA as it will reduce our taxable income, and make it irrelevant that I didn't pay enough throughout the year?

We both have Roths, DH has maxed his for the year, I have not. Should I open an IRA and deposit into that for 2014 to reduce the taxable income, or should I put it instead into the Roth?

I'm looking for the best way to reduce our taxes-

Thanks!

[Petunia 100]

I have started to look at taxes for 2014--

DH works FT, I am self employed and make estimated tax payments throughout the year. We file jointly.

We have an HSA that DH contributes to through work and we've added a little extra throughout the year.

I have not paid enough Estimated tax to cover my tax so rather than pay more for tax in January to cover that, should we use that money to deposit into the HSA as it will reduce our taxable income, and make it irrelevant that I didn't pay enough throughout the year?

We both have Roths, DH has maxed his for the year, I have not. Should I open an IRA and deposit into that for 2014 to reduce the taxable income, or should I put it instead into the Roth?

I'm looking for the best way to reduce our taxes-

Thanks!

Contributing to a traditional IRA will reduce your tax bill, unless Dh participates in a retirement plan at work AND your modified AGI is 191k or more.

Have you ever considered opening a small business retirement plan such as a SEP or Simple IRA?

[wikiwiki]

Contributing to a traditional IRA will reduce your tax bill, unless Dh participates in a retirement plan at work AND your modified AGI is 191k or more.

Have you ever considered opening a small business retirement plan such as a SEP or Simple IRA?

DH participates in a 401k at work - we have not maxed that out for the year, only his Roth. AGI is not 191k, more like 100k.

Before I open a SEP or Simple IRA, should I max out my Roth though?

If we contribute extra to DH's 401k, will that reduce taxable income?

[Petunia 100]

DH participates in a 401k at work - we have not maxed that out for the year, only his Roth. AGI is not 191k, more like 100k.

Before I open a SEP or Simple IRA, should I max out my Roth though?

If we contribute extra to DH's 401k, will that reduce taxable income?

A Roth won't reduce your 2014 tax bill.

Yes, contributing more to dh's 401k will, but is there time? It has to be deducted from a paycheck by 12/31.

[BadSaver]

Lower taxes

Schedule C and A: Business expenses, mileage, home office, IRA contributions, donations, job search expenses...

Your tax preparer should be able to provide you with a tax organizer or you can find one on the web. They're great for brain storming your tax situation.

[Berryskud]

The more I earn

I find people focus too much on reducing taxable income and not enough on getting more income. The more you earn the more you borrow the more you can invest