What are all the ways to shield money from taxes, without taking on new financial burdens?

There are several ways to shield money from taxes without taking on new financial obligations! Here are some options to consider: Traditional and Roth IRAs are great tax-advantaged vehicles. With traditional IRAs, contributions may be tax-deductible now (depending on your income and whether you have a workplace retirement plan), while Roth IRAs offer tax-free growth and withdrawals in retirement. Health Savings Accounts (HSAs) offer triple tax advantages if you have a high-deductible health plan - contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free too. Don't overlook workplace retirement accounts like 401(k)s - contributions reduce your taxable income immediately and grow tax-deferred. Many employers offer matching contributions, which is essentially free money! For the 529 plan you mentioned, yes, many states offer state tax deductions for contributions. Just be aware that the money must be used for qualified education expenses. Tax-loss harvesting is another strategy if you have investments in taxable accounts. This involves selling investments at a loss to offset capital gains.

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Don't forget about municipal bonds! The interest is often exempt from federal taxes and sometimes state taxes too if you buy bonds issued in your state. They typically have lower returns than corporate bonds, but the tax advantages can make up for it depending on your tax bracket.

Has anyone tried Series I Savings Bonds? The interest is exempt from state and local taxes, and you can defer federal taxes until you cash them out. With inflation lately they've been paying decent rates too.