It’s been 45 years since I started the tax and retirement planning business in San Francisco, CA. For the last 33 years, I have been doing my seminars and consultations in the Phoenix Metro area.

Most of the upper-middle class, whether employees or business owners, are willing to pay local taxes for services that improve their communities. That’s why most vote for school bond increases and for extension of the extra half-cent sales tax override that funds the Phoenix Metro area transportation projects.

However, they hate paying federal income tax for money that is wasted or for causes that do not fit their value system. A recent example is the $8 billion allocated for electric vehicle charging stations, but only 8 were built. Another example is the money spent for woke causes such as funding sex change operations for prisoners or transsexual behavior overseas.

Powerful tax-savings strategies are best started in January, when you have the full year to implement them. This article will cover a number of them, including some that can actually be implemented before 12/31/2025.

One of the most powerful tax-savings strategies is getting the 30% solar tax credit for a system on your personal home. However, the project must ideally be “placed in service” by 12/31/2025 in order to receive this big tax credit. There may be some language in the One Big Beautiful Bill signed by President Trump on July 4, 2025, that may allow this credit if the funds have been spent but construction is not totally finished, to still allow this tax credit.

For wage earners who don’t have a business, you can choose to defer any year-end bonuses until early 2026. Some of my clients have been lucky enough to have received $20,000 to $50,000+ bonuses after their company had a very profitable year.

If you have a business, you will have many more tax-savings options than those who are wage earners. A major strategy that is under-utilized is paying your kids. The rule is that they must be paid no more than fair market value and do actual work. If you have rental properties, put them to work cleaning the properties, painting, and doing the yard work and the pool maintenance. You can easily justify up to $5,000 or more per property. This does not count major rehab that is required if the tenant trashes your rental house before moving out.

If the kids are under age 18, you do not have to pay normal payroll taxes such as Social Security, Medicare, and contributions to the workmen’s compensation and unemployment insurance funds. Example: if you pay a child $7,000 of wages, that child can fund a Roth IRA with that $7,000 and owe no or low income tax due. If you do this for 10 years and the child can average an 8% annual return on that $70,000, it will become $101,406 totally tax-free, which should cover most of four years’ college at a public school.

If you have an existing business, or will definitely start one in 2026, you can have a family board meeting at a nice place such as Hawaii. I attended a conference recently where the main tax attorney covered this strategy. He puts his wife and kids on the board of his family business and uses this to teach them about business, and it strengthens the family ties. He is able to deduct most of the hotel, food, and travel expenses. He runs it like a real board meeting with an agenda, slide presentations, and detailed discussions.

Conclusion: saving taxes can really improve your family’s life!

To RSVP for future seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.

Dr. Wong earned his PhD in Economics at UC Berkeley in 1974 and passed the National CPA exam in 1979. He has appeared on over 400 TV/Radio programs.