February 8, 2019 2 min read

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With tax season entering into high gear, you may be wondering if there are any ways to save money on your taxes — without getting in trouble with the law. 

Entrepreneur Network partner Phil Town lays out a few tax loopholes that can help you grow your wealth. 

1. IRAs are one method. These individual savings accounts can let you save money by deferring tax dollars. With IRAs, Town recommends waiting until the last moment to decide to withdraw. In this way, you get the full benefit of the fund, and can build up a substantial amount of tax-free income, since IRAs continue to add to your savings as you get closer to age 70.
2. 401ks. These are a great means to lower your taxable income. Similar to IRAs, 401ks also have a maximum amount you can contribute, but it is usually noticeably higher than the IRA limits.
3. HSAs, or health savings accounts. With these accounts, all money withdrawn for medical expenses, are tax-free.
4. Your own investment account. Setting up your own investment account may just a good source of income, such as large gifts, inheritances and income made from side businesses. 

Overall, if you are building up capital and profiting from it through compound interest, then you may be on the way to becoming wealthy. 

Click the video to hear more about saving money on your taxes through investments.

Related: You’ve Scored a New Job. Here’s What to Do with Your 401(k) Funds.

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