**Tax-Saving Strategy for Someone in the 24% Tax Bracket**

### Objective
To reduce taxable income and maximize tax savings, utilizing available deductions, credits, and strategic financial planning.

### Key Strategies

1. **Maximize Retirement Contributions**
– **401(k) Contributions**: Contribute the maximum allowable amount to your employer-sponsored 401(k) plan. For 2024, the limit is $23,000 (if under 50) or $30,500 (if 50 or older, including catch-up contributions). Contributions are tax-deferred, reducing your taxable income.
– **Traditional IRA**: If eligible, contribute up to $6,500 (or $7,500 if 50 or older) to a Traditional IRA. Contributions may be tax-deductible, depending on your income and whether you or your spouse have a workplace retirement plan.

2. **Health Savings Account (HSA)**
– If you have a high-deductible health plan (HDHP), contribute to an HSA. Contributions are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
– For 2024, the contribution limits are $4,150 for individuals and $8,300 for families, with an additional $1,000 catch-up contribution if you are 55 or older.

3. **Flexible Spending Account (FSA)**
– Contribute to an FSA for medical or dependent care expenses. Contributions are made pre-tax, reducing your taxable income. Be mindful of the use-it-or-lose-it rule and plan your contributions based on expected expenses.

4. **Tax-Loss Harvesting**
– If you have investments in a taxable account, consider tax-loss harvesting to offset capital gains. Selling underperforming assets to realize losses can offset gains and reduce your taxable income.

5. **Charitable Contributions**
– Donate to qualified charities and keep records for tax deductions. Consider donating appreciated securities instead of cash to avoid capital gains taxes and claim the full market value as a deduction.

6. **Itemize Deductions (If Applicable)**
– Review whether itemizing deductions is more beneficial than taking the standard deduction. Potential deductions include mortgage interest, state and local taxes (SALT) capped at $10,000, and medical expenses exceeding 7.5% of your adjusted gross income (AGI).

7. **Consider a Roth IRA Conversion**
– If you anticipate being in a higher tax bracket in retirement, consider converting a portion of your Traditional IRA to a Roth IRA. You’ll pay taxes on the converted amount now but enjoy tax-free growth and withdrawals in retirement.

### Conclusion
Implementing these strategies can help reduce your taxable income and maximize tax savings. Regularly review your tax plan and adjust as needed, especially in response to changes in tax laws or personal financial circumstances.