2. Itemize your deductions

Another way to pay less tax is to itemize your deductions. If you have not been able to do this in the past, consider making a substantial charitable donation. If you cannot make a cash donation, then perhaps a tangible donation can be substituted.

If you own something of value that is in good condition that you no longer need, consider donating that item to a charity of your choice.

3. Switch to Roth 401 (k)

If you are concerned about skyrocketing taxes in the future, or if you just want to diversify your taxable income in retirement, consider shifting some or all of your retirement plan contributions to a Roth 401(k) if your employer offers one.

Unlike the regular 401(k), you don't get a tax break when your money goes into a Roth. On the other hand, money coming out of a Roth 401(k) in retirement will be tax-free, while cash coming out of a regular 401(k) will be taxed in your top bracket. Just remember that you will have to pay income taxes on the amount you convert.