re: How can I reduce my taxable income?

I started my own IT business about 4 years ago... I take home a nice amount. But I pay about 10K on each of my quarterly estimated payments. I get about 4K back at the end of the year. The income is pretty stable, so I really need to think about a way to lower my taxable income without treating the Money Board to a tailgate party that I can write off...

So if I GIFT my kids, they would have to file their own return? I rather give them money than the IRS.

I have not looked into a SEP yet, but my investment guy mentioned the Simple IRA.

I was thinking about "paying" my wife, but we file jointly and it would be income for her and expenses of the business. The business is an LLC with passthrough taxation so that would not work.