I am in the US on H1b visa for a period of 3 years. Are there any ways I can save the income-tax to be paid for the first year? If yes, then how?
Short answer NO! Long answer,don't try to. Your tax is deducted at source depending upon the number you fill on your W-4. If the number on your W-4 adds up to 3 or higher, your federal tax rate may be relatively less, however you will still need to account for it at the end of the year. On H1b you will be charged medicare and Social Security in addition to federal and state tax and there is no way to avoid that. However, you can get a refund at the end of the year depending upon your total salary and how much you had paid in taxes.
Just an advice:- There are a lot of people who claim dependents and don't fill their W-4 out correctly and also end up saving taxes as a result. There are also a lot of lawyers out there who will gull you into giving you a big refund, but if it doesn't sound correct, it usually isn't! There is a big chance that people can get away with it, but in case they are caught, they will have to pay back every penny along with interest and penalties(Which are really high).