If your budget is under control and debt is being managed efficiently, it is time to look at using income in the most efficient manner from both a tax and savings perspective. Note: Consider your long term plan before getting singularly focused on reducing today's taxable income. Yes, you can over do it and pay for it in higher taxes later.
Here are a few things to consider:
1. Increase company sponsored retirement plans - 401k, 403b and 457 plans reduce your taxable income off the top. If you are 50 or older, you can throw another $6,000/yr. in addition to the maximum contribution. This can have a big impact on how much money is taxed in a calendar year. Knock it down before it is taxed. Side note - if you are between 55 and 59 1/2, you may not want to roll your company plan to an IRA just yet. If something blows up at your job, you can take penalty free withdrawals when separated from service. Taxes are still due but if in an IRA, you would have to pay the 10% penalty.
2. Contribute to a Traditional IRA if you are eligible (Eligibility Rules). You can also contribute for your spouse. If you are eligible, the contributed amount can be deducted from earned income.
3. Use a low cost tax-deferred annuity - be extremely careful with these and consider a last resort for excess cash. Max Roth IRA and all other contributions before using tax-deferred annuities where you are eligible. This would only be used for surplus cash after all of the other methods have been utilized. You would pay an early withdrawal penalty if money is taken out of the annuity before age 59 1/2. And, you don't want to overload it since timing will be important between 59 1/2 and 70 1/2. A tax-deferred annuity can become tax trapped if you are 70 1/2 and taking Required Minimum Distributions from IRAs/Retirement Plans and have a large tax-deferred annuity. You would have to take the Required Minimum Distributions (because they're required) and may never use the tax-deferred annuity assets as it would add to income for the year. Tax-deferred annuities do not receive a step up in cost basis when transferred to heirs so not using them before 70 1/2 (if you have significant retirement plan assets) doesn't make a lot of tax sense.
4. Contribute to a Roth IRA - Doesn't reduce earned income since contributions are made with after tax money but you get tax free growth after 5 years or 59 1/2 whichever is longer. Also, you can pull the principal out first which isn't taxable.
5. Use HSA Accounts - If you have a high deductible health insurance plan, max Health Savings Account contributions for yourself and your spouse. Some people choose to pay their deductibles and co-pays out-of-pocket during their working careers. They contribute to their HSA annually and allow the assets to grow tax-free. Then in retirement they will have an accumulated bucket of money to help offset a portion of their medical expenses.