When it comes to taxes, nobody ever wants to pay more than they absolutely need to. The good news is that the Federal Government does actually give taxpayers lots of ways to reduce their tax bills though. There are deductions, credits and other tax breaks that are laid out every year by the government to help you manage your taxes more effectively.

While only a small handful of the literally hundreds of tax provisions may be helpful to the average taxpayer, there are five tax breaks that we would like to detail today that will provide you the most tax savings in the new year. Here are the ones you want to try and take advantage of.

1. No tax on health insurance from your employer

If you get health insurance coverage through your job, then you benefit from the biggest tax break the government offers. The millions of Americans who receive employer-provided health insurance don’t have to pay taxes on the portion of premiums that employers pay on their behalf.

Most workers never even realize how much health coverage costs their employers, and you might mistakenly think that whatever employee portion you might have to pay covers the entire cost. But overall, the federal government will miss out on $870 billion in taxes over the five years ending in 2022 by not treating the value of health insurance as income. That’s up by $16 billion from last year’s projections, and rising healthcare costs are likely to keep that figure moving upward in the years to come.

2. Lower taxes on dividends and long-term capital gains

Tax reform lowered ordinary income tax rates, but it also kept in place favorable rates on dividends and long-term capital gains. Investors can still benefit from rates of 0%, 15%, or 20% on this income from these sources, depending on the tax bracket they’re in.

In total, these lower rates are likely to save taxpayers $656 billion in the five-year period, up $7 billion from last year’s projections. With some presidential candidates looking closely at whether to change or eliminate this provision, you can expect dividends and capital gains to remain in the spotlight over the coming year.

3. No taxes on 401(k) contributions

Next, 401(k) plans and similar defined contribution plans offered by employers give participating workers the ability to save for retirement in a tax-favored manner. Contribution limits are high, letting employees save up to $19,500 in 2020 if they’re younger than 50 or $26,000 if they’re 50 or older.

It’s true that 401(k) plans are popular, and the government estimates that it will lose $648 billion in tax revenue over five years because of how they’re taxed. That’s up $24 billion from last year’s estimates. Admittedly, the IRS eventually does get its way with most 401(k) contributions, because most withdrawals are subject to income tax. Nevertheless, with careers spanning decades, it could take a long time for the government to collect its share on these savings from retirement plans.

Save what you can

Not everyone will benefit from these three provisions, but for those who do, the savings can be great. The tax laws are always changing though, so you’ll want to look closely at proposals to see if they would jeopardize these tax breaks.