Maximize your wealth with these tax strategies

To maximize wealth, Americans should look beyond smart investments and embrace savvy tax planning. From strategies aimed at reducing taxable income to tax-efficient portfolio moves, there are a host of ways investors can build and protect their capital. However, many people aren't taking advantage of the options available to them. "When people are searching for ways to save money — yes, you can buy in bulk, yes, you can limit eating out — but I think sometimes people forget that you can be strategic in tax planning to save money," said certified financial planner Kamila Elliott, co-founder and CEO of Collective Wealth Partners. "Not thinking about tax planning, it can be a significant oversight for a lot of families." In fact, a recent survey from the Nationwide Retirement Institute found that most Americans aren't prepared when it comes to taxes. While 80% expect taxes to rise in the future, only 31% of that cohort are taking steps to adjust their financial plans accordingly, the poll found. What's more, 17% of investors said not knowing the best tax strategies for their portfolio is one of their biggest retirement-planning concerns. That preparation can be as straightforward as taking advantage of workplace benefits to making targeted investment decisions based on your income and tax bracket. Maximize your benefits Employers may offer several ways to reduce your taxable income, including 401 s and health savings accounts. Employees can have up to $24,500 taken out of their paychecks pretax in 2026 and invest in a 401 or 403 . Those 50 and older can invest an additional $8,000 in catch-up contributions, while those ages 60 to 63 can make a "super catch-up" contribution of up to $11,250. The investments are tax-deferred until the money is withdrawn in retirement. However, those who earned more than $150,000 from their current employer in 2025 must put their catch-up contributions in an after-tax Roth account. That means they don't pay taxes upon withdrawal. If you c...