Contributing as much as you can to your retirement account - via, for example, an individual retirement account - is one of the best ways to reap a tax benefit.

The treasury department and the IRS have updated the withholding tables here to reflect the new tax law’s new standard deduction, as well as the personal exemptions that were eliminated and the limited on certain itemized deductions. Updates can be found here.

Tax credits are particularly valuable because they reduce your tax bill on a dollar for dollar basis.

Another way to reduce your taxable income is to contribute towards a Health Savings Account, or HSA. To be eligible, you will need what is known as a high-deductible health plan.

The Tax Cuts and Jobs Act raised the bar on who will itemize. Now, you must surpass $12,550 to qualify for a Single Standard Deduction. Married, filing jointly, must surpass $25,100. Head of Households must surpass $18,880.