How do people here reduce their tax bills? Me and my SO earn about 400k gross and take standard deduction. We don’t own real estate, only S&P500.

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Vote accordingly. Move to lower tax state.

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Yep Florida/Washington are good options.

Have a few kids

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Ironclad logic

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Get on a 1099 so you can take the extra deductions. Other than that you don't really have any other options besides the usual 401k / HSA maxing and maybe the mortgage interest rate deduction and SALT. The elimination of the unreimbursed employee expenses deduction in the Republican tax bill (and education/EMBA deduction) added up to a massive tax increase for white collar professionals just getting their careers going.

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Make less is another option

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Honestly, I feel like at 400k a year if you feel like taxes are killing you, you are doing something wrong. (Or potentially are both lawyers/doctors)

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Donate to charity?

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Donate to charities

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Like M2’s Center For Children Who Can't Read Good And Wanna Learn To Do Other Stuff Good Too

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You could gamble. Gambling losses are still deductible I think.

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Based on my calculations wife and I will be in 32% bracket with taxable gross around 380k after all deductions. Cant think of more ways to reduce taxable gross. Have a baby on the way though not sure how much that will affect taxes.

Start a business and push some expenses like car purchase or lease into the LLC. Also I have recently wondered if transfering current home ownership to an LLC and leasing it from yourself as a tenant makes sense - as an investment property you can capture all deductions for SALT and many others, plus you get depreciation. Any thoughts from more sophisticated RE investors?

Don’t do it. Look up “phantom income rent to yourself” in google

While you won’t feel the tax relief immediately, look into opportunity zones

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