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Now, you can offset couple of those gains by selling a losing venture could save a lot on tax front. Tax-free investments are very important tools ultimately direction of revenue tax reductions. They might not be that profitable in returns but save a lot fro your tax bills. Making charitable donations are also helpful. They save tax and prove your philanthropic attitude. Gifting can also reduce the mount of tax would you. In 2003 the JGTRRA, or lanciao Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some with the changes passed in the 2001 EGTRRA.