Hi, during the tax filing I noticed that I should pay 3500 to IRS. I don’t have any loans or investments. It’s just a simple W2 from my firm. Firm side I gave 401k. But I haven’t invested outside and I am not aware of any other other tax benefits. Could you pls advice what I can invest or plan to get tax benefits for current and future ? Appreciate you in advance for each of advises & recommendations

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Max out your HSA and 401K to the max!

helpful

A lot of people found that the standard paycheck deduction was too low this year.

Calculating your estimated tax burden is fairly easy with a W2 job. You may want to do it each year in September and adjust your withholdings accordingly for the final few paychecks of the year.

Contrary to what D1 has said, there aren’t many deductions for your standard W2 employee. The tax code rewards real estate investors and business owners, not your average W2 worker. Beyond 401k / HSA / 529 plans, there aren’t many things that will work.

helpful

Get some beehives and talk to a CPA

The tax code has a million things for you to do to reduce your tax burden

Step 1) Create LLC
Step 2) Buy Beehives
Step 3) Buy G-Wagon and bonus depreciate it.
Step 4) Sell Honey from Beehives out of the G-Wagon
Step 5) Go out of business because this idea is ridiculous

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