1. Save into a Traditional IRA, 2012 contribution limits are $5,000 and if you’re over 50 years old, an additional $1,000.

2. Small business owners open up a SEP-IRA for your business and save.

3. Save money into a Roth IRA to reduce and control taxes in the future.

4. Increase your 401(k) savings which will reduce your taxable income on each dollar you save in the year you save it. Save up to $17,000 in 2012.

5. Save into a non-deductible IRA if you don’t meet the full income limits of a Roth IRA.

6. Municipal Bonds may reduce your taxable income depending on your income and tax bracket.

7. Consider dividend paying stocks, dividends can be taxed lower than your tax bracket.

8. Consider value stocks for the long haul, holding a position longer than 12 months will qualify you for long term capital gains.

9. Save more into your retirement plan at work – not only can you reduce your income by saving more but you can also be missing out on a company match (If your company matches 3% and you make $100,000 that’s an additional $3,000 towards your retirement).

10. Saving into a non-qualified annuity can defer your taxable gains. Make sure you consult your financial advisor and CPA before making any changes to your financial and tax situation.