I Asked ChatGPT How To Lower My Tax Bill Legally, and It Gave Me This Strategy

Group 1 - The article discusses various legal strategies to lower tax bills, categorized into quick wins, opportunities for freelancers, and long-term wealth-building strategies [1] - Retirement accounts are highlighted as a primary method to reduce taxable income, with 401(k) contribution limits set at $24,500 for 2026, and catch-up contributions for those aged 50 and older potentially increasing this to $35,750 [2] - Health Savings Accounts (HSAs) are praised for their triple tax benefits, with contribution limits of $4,400 for individual coverage and $8,750 for family coverage in 2026 [3] Group 2 - The standard deduction for 2025 is noted to be $16,100 for single filers and $32,200 for married couples filing jointly, with advice to take the standard deduction unless itemized deductions exceed these amounts [4] - Common itemized deductions include mortgage interest, state and local taxes capped at $10,000, charitable donations, and medical expenses exceeding 7.5% of adjusted gross income [5] - Tax credits are emphasized as more beneficial than deductions, with the child tax credit providing up to $2,200 per qualifying child under 17 [6] Group 3 - Self-employed workers are identified as having significant opportunities for tax savings through business expense deductions, which can include home office space, internet and phone bills, and work-related subscriptions [8]