Anyone in a high income household (>$300k) have experience in setting up a foundation to pass expenses through for tax benefits? Was it worth it? Any issues to be aware of?

likefunny
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I think you need to add another zero to that HHI to get the types of folks setting up foundations.

likefunnysmart

HH income considerably higher than your threshold. We use a regular ol' LLC for tax mitigation. The way you've described what you're looking to do sounds a whole lot like private inurement, aka tax fraud.

like

D2 can you share more information?

Ok so there are a few games you can play but the comments are correct in that most of them aren’t really unlocked until 1) your income is in the MMs 2) that income is derived from investments and not a W2 role.

A foundation is a useful farm for deductions but you need years to prep that

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Idk a tax account is looking at me and my wifes HHI and says there are saving opportunities in the 5 figures. This is after looking at all of our expenses in detail. We have been doing the bare minimum in minimizing our tax (401k, HSA etc)

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Your tax accountant knows better than randoms telling your TaX FrAuD on fishbowl

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