8. Opt Out of an Installment Sale

If you have sold a capital asset, such as land, this year, it might make sense to pay the taxes on the gain you receive all at once, even if you’re taking payments on an installment basis. Joint filers who have a taxable income of $65,100 or less have a long-term capital gains tax rate of zero , so they should consider recognizing all the proceeds from the sale this year and avoiding capital gains tax altogether, says Martin. Just make sure that the extra money doesn’t push you into a higher tax bracket.