Summary of Tax Sheltering

You can lower your taxes by reducing taxable income, taking deductions against taxable income, or using tax credits. There are many strategies and retirement plans available for the wise investor to keep his or her hard-earned money out of the hands of the tax collector. Tax shelter plans can be quite complicated, so be sure to research them completely before selecting one for your investments.

The famed entertainer Arthur Godfrey is reported to have said, "I am proud to be paying taxes in the United States. The only thing is—I could be just as proud for half the money."