How Can I Lower My Tax Bill With No Dependent?

The Internal Revenue Service only taxes you on income you receive during a particular tax year. If you can defer receipt of income until the following year, you can avoid paying tax on it this year. For example, if you are due a bonus at year-end, ask your employer if you can receive it in January instead of December. That way you can defer payment of tax on that income for a full year, instead of having to pay it on your current year's taxes.

The IRS lets you choose between taking a standard deduction or itemized deductions. As of 2012, the allowable standard deduction for a married couple filing jointly was $11,900. However, if you could itemize deductions in excess of this amount, you could lower your tax bill. Common itemized deductions include any state and local income taxes you have paid, unreimbursed business expenses, charitable contributions, mortgage interest and medical expenses exceeding 7.5 percent of your adjusted gross income.

If your company offers a 401(k) plan, any contributions you make are tax-deductible, as they are with an individual retirement account or other types of retirement plans. If you are self-employed, you can contribute the lesser of 25 percent of your compensation or $50,000 to a SEP-IRA, with the contribution counting as a deduction on your taxes. For 2012, your retirement plan contributions might also trigger a tax credit of up to $1,000.

If you have any capital investments that have gone down in value, such as stocks, you can use that loss to help lower your taxes. The IRS allows you to offset any gains that you have taken with your losses, meaning you don't have to pay tax on those gains. Additionally, if you have more losses than gains, you can take up to $3,000 off your ordinary taxable income, further reducing your tax bill. While you shouldn't necessarily sell a stock strictly for tax reasons, if you were considering selling the stock anyway, you should take advantage of the loss.