Are you a small business owner, a contractor or a freelancer—and in a high tax bracket? Well, why stay there? You can use retirement planning to lower your tax liability. The idea is to plug in a lot of money to retirement funds, allowing you to build your post-work future and also to whittle down your net income, and thus minimize what you owe the Internal Revenue Service. Not a lot of people know about this. More should. Let’s show this by way of an illustration.