Any good ideas to keep your day job and start a business that allows for enough freedom to take taxable income from 350k to 0?

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There's tax avoidance and then there's tax fraud, and it sounds like you're looking to do the latter? Either way maybe just pay a good accountant as none of the advice from posts here is going to save you from an audit if the time comes

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No tax fraud here! I just get irritated there are legal ways up to $100k to pay no tax then it skyrockets up from there. That 3 trillion dollar covid package is going to cost everyone, and taxes are rising. Deductions are going down. I believe in taxation I just get irritated that I don’t have control over how the money is spent.

likefunny

It irritates me too, but I don’t know how much success you’ll actually have in achieving your goals

Honestly some way to get my total taxable income as far reduced as possible. Everyone always says open an LLC but then there are income requirements to hit thresholds to have tax write offs. I think I’m looking for the idiots guide to paying the least amount of taxes while not going to jail.

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Yeah.... good luck with that. Let me know how that goes haha

funny

Salesforce, no options. Either make less. Or pucker up and pay.

funny

Do you mean to say your business will make money, but be fully deductible to show $0 income, to the tune of $350k?

Concerned about the $3 trillion tax bill. Looking to get my taxable income down in the $10k range.

Pro tip: making less money -> lower taxes.

funny

Yeah, Salesforce I get the frustration wife and I make a similar amount, but tax rates are still realistically low in the US

I do get frustrated that one of the biggest gaps in tax collections vis a vis European countries is the 40th to 90th percentile in income; yet all discussion focuses on solely increasing on the 95th percentile plus incomes.

One thing that can be constructive is to be really cognizant of where you are holding investment assets (I.e. avoiding interest and other ordinary income in taxable accounts).

Maybe you can figure out a geo-arbitrage play?

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