It's a simple process with several options. First give thanks that you have the financial problem you do.

Here is a list of things I do to lower taxable income: *see your tax advisor I'm here for entertainment purposes only, mostly my own entertainment, not yours. Reading my opinions is like reading the forum column of a "mens magazine" for relationship advice, its just my version of the story, not necessarily the truth.

1) Donate appreciated assets, not cash to charity. The easiest way is to create a charitable giving fund at Fidelity or Vanguard. I'm buying VOO on a regular basis in one of my taxable brokerage accounts, every year I donate the shares with the lowest basis to the charitable fund for a deduction at market value. For example, if I'm planning on donating $10,000 to charity this year, I'll gradually buy $10,000 of VOO throughout the year and donate $10,000 worth of VOO I bought ten years ago. It lowers my income by $10,000 for the contribution and steps up my basis lowering long term gains if I ever do sell.

2) Opportunity zone funds may be an option. I stay away from them because most oversell the tax hype and under deliver on the asset performance.

3) Work less. Seriously, why work for 60 cents on the dollar. If you like working to "win" there is a different set of tax rules you should play by. Read #4 or 5

4) Start a business. Don't start a job, start a scalable business where VAs, contractors and/or employees do the work for you. Your role is creation and management, not labor. If you start a business and "fail" after a few years of "losses", you may have to close down the LLC and start over. In the meantime, legitimate business expenses will offset your income. If you have kids, put them on the payroll. Children (under 18) of the owners in a family owned business don't pay social security tax and are usually in a lower bracket than the parent. You can thank the farm lobby for that beauty. For the 1-2 combo, the kids put earnings into a Roth IRA. For an added bonus start a SIMPLE IRA that lets them contribute $15,500 per year into the plan and then roll to a Roth after 2 years. Use the Augusta Rule and rent your house to your company for up to two weeks each year to have a mandatory annual meeting. It is a deductible business expense and non reportable as personal income. You could also rent your house to strangers, but why...

5) Get over the landlord hangup, seriously. [[i]Gunfighter stands on soapbox] If you are too buzy, lazy or self-important to be a landlord, you can't claim one of the best tax deductions available. [[i]Steps down] You can be a landlord for tax purposes without fixing toilets and laying tile. Be a direct owner of rental property and hire a manager. Buy a Dollar General or other small NNN and manage it yourself. If you have enough money, you can buy a $15 million storage facility and hire Public Storage or Extra Space to work for you. The point is, once you can check the box for Real Estate Professional then group ALL real estate as a "combined activity" under IRC 469, your passive apartments become deductible. In 2021 for every $100 I invested in apartment syndications I was able to claim $75 in deductions. This was thanks to 100% bonus depreciation and cost segregation. 100% bonus depreciation is phasing out in the next 5 years 80, 60, 40, 20 then 0, but accelerated depreciation through cost segregation remains. Ask any divorce attorney or estate attorney where most of the wealthy clients have their money. The answer is real estate and family business.

6) Put Solar panels on something. Your real benefit depends on how much the local utility subsidizes the purchase. Ours paid for 50% a few years ago, then we claimed some federal tax credits. I don't recall all of the math, but I seem to recall the benefits were higher because it was a commercial property. Thank the W-2 tax payers for the freebie.

7) I put this last, because I know the least about it. Buy a "working interest" in an oil and gas well. Sorry, I don't know how, but would love to learn. Any oil and gas investors in the crowd?

[[i]Back on soapbox]
By design, the tax system gives the best deductions to job creators, housing providers and energy producers. Be one of those and you play by a different set of rules. There are no shortcuts for the straight W-2 crowd. Anything that appears as a shortcut for the W-2 crowd has a huge back end win for the ones writing the laws. Do you know how much money Black Rock is about to make from our W-2 tax savings plan? Do you know how much money banks make off of real estate loans? Take away the real estate tax deductions and real estate lending shrinks considerably.[[i]off soapbox]

The best way to win the tax game is read the rule book and play by the set of rules used by rich people.