Taxable Income News, insights and expert analysis on taxable income from the team at Kiplinger. Latest 7 Smart Ways to Lower Your Taxable Income taxable income Reducing your taxable income is one of the most effective ways to lower your taxes, with some moves doing double duty as both deductions themselves and as a means to slide under income thresholds at which other taxes would kick in. taxable income How Annuities Are Taxed annuities The rules vary based on the type of annuity and how you take the money. By Kimberly Lankford Published 10 July 09 annuities 1 2 3 4