There is a certain mystique that has grown up around tax planning and tax-cutting techniques. We are here to put tax planning in plain English for you. There are actually several basic tax-cutting strategies, and most plans involve one or a combination of them. In a nutshell, the strategies are: Splitting income among several family members or legal entities in order to get more of the income taxed in lower brackets. Shifting income from one year to another in order to have it fall where it will be taxed at the lower rate. Shifting deductions from one year to another to place them where the tax benefit will be greater. Deferring tax liability through certain investment choices and through pension plan contributions. Structuring your affairs to obtain a tax deduction for some expenses paid for things you enjoy - a vacation home, for example. Investing your money to produce income that is exempt from either federal or state income tax or both.

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