How do you guys minimize your taxes? Sad about my $600,000 tax bill this month 😭.

like
Posting as :
works at
You are currently posting as works at

Change your mindset? If you're paying a lot in taxes, it means you're being paid a lot and be grateful for that.
- a Californian 😎

likesmart

This is a good perspective.

Seems that your tax bill is more than most people’s total income.

like

Set up a pension plan for your law corp?

like

How do you handle the liquidity gap? This is my first year on a K1, so last year’s income was artificially low and my monthly estimates this year were really low as a result. Taxes are due two weeks before my firm pays out final distributions. I’ve got to cover my tax bill and then follow it up with my first quarterly estimate. Worried about all the timing and having a liquidity issue.

like

That’s what I ended up doing. The tax liability didn’t end up being as bad as expected, and my firm did well, so our final distributions were a good deal higher than expected.

Invest in real estate that my wife actively manages. We do cost segregation studies and then take bonus/accelerated depreciation on those portions of the property that can be consider “personal property”. Even though the business is cash flowing profitably, we have enormous “losses” that offset law firm income. It’s phasing out 20% each year, but it’s been nice while it lasted.

like

Buy high, sell low?

Move to Florida.

About to move to Costa Rica and continue practicing through my firm. No CR income taxes under their digital nomad visa program. Most of my US Income excluded under the Foreign Earned Income Exclusion and Foreign Housing Exclusion. Taxes further reduced by taking the standard deduction and maxing out our 401ks and HSA. Receive an annual pre-tax profit sharing contribution of $45k. All in all that’s about $400k of income before we start paying taxes.

Real estate. Contact me if you’re interested in investing in real estate, you can make a lot of money in real estate and save a lot in taxes as I did for many years. Also donate appreciated fine art just follow all the steps. Get family involved in your business. There are so many ways.

Related Posts

I have a brokerage account with 7k in it, split 70% VOO 30% SCHF. I now have an additional 11k I can add - how should I allocate it? Should I move towards an 80/20 split just in current funds or add things like a growth (VGT) or high dividend ETF (VYM). All of my retirement accounts are already maxed, FWIW and don’t need the $ for any large purchases needed in the near future.

like

How serious are the independence/investment declarations while joining Big4’s in the U.K.
My parents have a couple of minor investments in the stock market. Do I have to include my parents investments even if they are citizens of another country and invest only within that country?

like

Hey, I am looking for an Angel investor to invest in our idea. Can someone help me to connect with the person.

like

Thoughts on Transfix? Anyone invested?

like

If I have a six year old and 150k in a 529, can I say I’m done?

like

How do I configure a stop loss in bittrex? Is it even possible?

where is the best place to sell or trade in my used car? (2019 van low km’s)

like

OMNY card or MTA card? MTA card for me, it’s so thin that my wallet does not get bulky

like

HBS admits - does anyone know what is the max income threshold 3 years combined to qualify for financial aid?

like

Which side wins the trade? Justin Jefferson, Aaron Jones and AJ Dillion for Mark Andrews, Derrick Henry, & Alvin Kamara?

like

Lease a 2020/2021 car for 3y 10k miles vs buy a used car. What would be cheaper (in those 3 years) all in? (Including insurance,taxes,blah)

What's a usual amount of time that you have to stay somewhere in order for your RSUs to vest?

like

How to transfer PF amount from HCL Trust PF to non trust PF account?
HCL Technologies

like

Can you change your 401k contribution amount specifically for bonuses, in the fidelity 401k? You can do this for Schwab 401k but not seeing an option for fidelity

like

Sad that I missed out on this deal 😭 brand new & tax free

Post Photo
like

9 years at the firm, 3 as a manager and I just broke $100k in the Northeast region. Maybe it's time to explore my options.

like

I'm a first time home buyer and got pre qualified back in Jan. Hard pull on credit docked me a few points. I wasn't able to close and now considering another hard pull for a different mortgage company offering better rates.
I'm new to this and this may be a stupid q but I'm looking for input from the bowl on whether to do this hard pull and get pre-qualified with a few more mortgage companies. Any advice is appreciated. Thank you

like

What happens if I over contributed to 401k because of a job change ? How do I adjust ?

like

I am sick of being a realtor! I've been trying for 5 years and have only sold 3 houses. Where I'm from (small Southern town) nobody is buying. Most people's families already own homes and it's just a bummer to see all these nice houses deteriorating over time.

like

If someone is working at 25 LPA in India, how much he should ask for if get an opportunity from Dubai to live a better standard life and make some savings also.

like

More Posts

Has anyone taking ADHD medication been able to secure life insurance? Am particularly interested in knowing of any company that provides Accelerated Approval under these circumstances.

like

I have four girls in my class that talk to each other NON STOP! It is so disrespectful! They talk right over me and even begin talking again before I even finish my sentence asking them to stop! Help!

I'm a fresh grad and I thought this would be my dream job... I became the 3rd team member in this location and the regional team leader helped me understand and learned a lot... Until about 4 months down the line, he announced to quit. It's about half of year now since I started to feel ever so alone, hopeless and helpless in the team. The actual work is within my capability, but takes me ages to learn coz the overall team is not so collaborative and lacks communication... Maybe I need anew job

like

Healthcare consulting practice. Deloitte vs Accenture vs other players. Thoughts on who has the best practice overall?

And any insight/who has the best practice in the provider space specifically?

like

Anyone have insight on working at Verily as a project manager?

like

How to book seat for office at Pune location?I am a new joinee and planning to go office once in a while.Kindly help guys

like

My silly girl...in front of a pillow that says it all...

Post Photo
likeuplifting

Does anyone here know of a good resume/cover letter proofreading and optimization service? Looking to get mine professionally checked and would greatly appreciate it if anyone could share their personal experience. Thanks!!

like

Anyone ever heard of or worked for Sygnia?

like

What is the average Manager salary in Netherlands? (4 big or MBB or boutiques)

like

Does HCL take onboarding feedback after the joining

This last week of overnights in the ED felt longer than usual...things feel like they're getting really bad again

like

Why is education deemed more valuable on a pay scale than experience? Employers will pay someone with a degree and no experience a greater salary, than someone who has exhibited the experience. Understanding that the degreed person committed to school and finished, yet that doesn't diminish what the not degreed has committed to and accomplished in their careers. This has to stop!

likefunny

Reliance Jio Infocomm Limited Is ajio calling their employees to Bangalore office. If not, any idea how long wfh will remain?
Reliance Jio Infocomm Limited Reliance Industries Limited Reliance Jio

like

What are the things you like about Accenture?

P.S. I am excited to Join Accenture in 2 weeks. My first switch. ❤️

like

Hi, I'm getting lot of interview calls for SAP SD Consultant but they want someone experienced 2 to 3 years of experience, 1 or 2 implementation done, support or rollout etc, Relevant experience of sap is zero I have, for BFSI industry is 3+ years I've, so what would u suggest??I'm not getting any work, 5 months gap already now in doing SAP course, hana certifications etc,any fresher in SAP, how u made it in SAP? I'll start working anywhere now, in SAP I'm not getting anything, tired or have i

like
likefunny

For a federal case the exhibit exchange DL isn’t very clear. It’s not in CMSO or in CMR but CMR has a deadline for preparing exhibit list with an index.. help!

like

Feel like I’m going to turn out to be a loser doing ID and be making crap money forever.

like

What are some independent pharma agencies? Tired of these holding companies holding my money.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal