As the year winds down, one of the best ways to save on taxes and strengthen your financial future is by maximizing retirement contributions before December 31st.

Most business owners know the big-ticket deductions — rent, payroll, and office supplies — but some of the best deductions are hiding in plain sight.

Saving for retirement doesn’t just build your future—it can reduce your tax bill today. Whether you’re a W-2 employee, self-employed, or own a small business, the IRS offers several retirement plans that provide tax-deductible contributions or tax-deferred growth, depending on the type of account. Here’s a breakdown of popular IRS-approved retirement contributions that can help lower your current-year tax liability: 1. Traditional IRA For: Individuals with earned income Contr