Investment tips: Why not look into New York state muni bonds? They are exempt from federal and New York state income tax and pay pretty competitive rates for high-income earners. Why not invest some of the money in dividend-producing stocks? The S&P 500 has a yield of 2.01 percent and that yield is taxed at capital-gains rates vs. ordinary income. What this means is that their tax rate would drop to 32.62 percent from 52.22 percent. That is a significant reduction in their tax liability, plus the yield is four times what they're getting on their cash!  Business income: In reviewing the Schedule C (which reports business income) there are a few things that could have a big impact on their income.  Read MoreWhen to file for Social Security retirement benefits early  Charitable contributions: Cash is probably the least effective asset to give to charity and they gave around $3 million last year. So this is how it works using the $3 million that they gave to their foundation in 2014.  To give away $3 million, they would've had to have earned at least $6 million —and pay taxes on that, which we've already established is at a rate of almost 50 percent for the Clintons. Sure, they can deduct the charitable donation, but that would only save them about $1.5 million. If they'd used appreciated securities, they would not have to pay capital gains on the gain and would get the same tax deduction on the value of the gift. That would save them around 33 percent, or $2 million, on the gain in their investments.  With some proactive planning, the Clintons could save hundreds of thousands of dollars. For most people, tax planning is collecting receipts, putting them in a shoe box and giving them to their CPA. If they get money back, their CPA is great. If they have to pay, they yell at their CPA and threaten to fire them. That is not tax planning…that is scorekeeping.  Proactive tax planning means that you review your tax situation today, and develop plans to be proactive, during the tax year. You have 5 months left in the tax year. What is your proactive tax strategy?  Read MoreWhy taxing Wall Street won't work  Commentary by Jerry Lynch, a certified financial planner, chartered underwriter and chartered financial consultant (CFP, CLU, ChFC). He is president of JFL Total Wealth Management, a registered investment-advisory firm. Follow him on Twitter @JFLJerry.
Financial advisor Jerry Lynch took a deeper look at the Clintons' recently released tax return and found several ways to save them money.