One of the most common strategies rich people use to pay less in taxes is something almost anyone can do

sunglasses reflection retirement

(Do your future self a favor and snag a tax break today.Michael Dodge / Stringer / Getty Images)

Everyone wants to pay less in taxes, no matter how much money they have.

One of the most common tax-minimization strategies high net worth people use is one to which people of all income levels have access: contributing the maximum amount to their retirement accounts.

Seems too simple to be true, doesn't it?

Steven M. Piascik, CPA, MT, founder and president of boutique CPA firm PIASCIK, says people miss it all the time.

"Why aren't high net worth individuals maxing out a 401(k) from their employer?," he asks. "If they're self-employed, does the situation leave them open to defined benefit or defined contribution plans? Both are qualified retirement plans."

With qualified retirement plans come tax benefits. Plans like the employer-sponsored 401(k) (limit $18,000 for 2015/2016) are funded with "pre-tax" dollars that decrease your taxable income. Contributions to plans like the SEP IRA — for self-employed workers and small business owners, limit $53,000 or 25% of compensation — and the traditional IRA, limit $5,500, are tax-deductible.

Even if you can't afford to max out your accounts, the more you can save for retirement in qualified retirement plans — at any income level — the bigger tax benefit you'll see.

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