I am 29 and my base is 200k. Can you suggest me ways to save taxes? I feel I am losing lot of money on taxes! Appreciate your help!

likehelpful
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Easy, start a business and put all of your personal expenses through it so you can deduct them from your taxes

likefunnyhelpful

P1 and SA1 - not sure what you mean exactly. Are you referring to the profit motive requirement? Because you can reduce your taxable income which is generated through a W-2 by business losses for businesses in which you are active (assuming at risk as well, but that would rarely come into play with something like this).

Though, as noted, there has to be a profit motive.

like

Have you considered tax fraud?

funnylikehelpfuluplifting

He’s at Deloitte, of course he has considered tax fraud:)

funnylikesmart
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Have kids! Lots of ways to save on taxes when you have kids.

likefunny

As a parent of 2, I call absolute BS on this.
I'm fortunate to be in a high income couple (~$1M), and the extent of my tax "savings" for my kids is putting $5k pre tax money in an annual account to pay towards after school or daycare. So, I guess about $1800 tax saved. Not gonna exactly dance on the rooftops for that.

funny

Use traditional 401k and use HSA

likesmart

Or diversify tax risks and do both Roth and traditional retirement savings.

AFAIK most of those tax tricks you hear of are not about wage income and won’t offer magic miracles there. They are mostly on business and wealth income, where you can relocate the income source (eg investments) and do other neat and perfectly legal “tricks”.

For personal wage income, best thing to do is just maximize all the tax advantage individual offerings. HSA, 401k, etc. Otherwise pay your fair share you wagie 😝

likesmarthelpful

That last line from @QT1. That’s it.

Philanthropy, my friend. I’d be thankful for such a huge salary at that age and looking for ways to give back and pay it forward.

like

Look into donor-advised funds

Philanthropy! Look into Vanguard charitable account. It’s basically a investor(you) directed investment funds. It takes $25k to open but you can move stocks that have appreciated there without having to sell them. And the move is considered as charitable donation.

And the coolest part is when someone asks you for donation, you can tell them you only give through your charitable foundation, so please send a funding proposal and we will get back to you.

likefunnyuplifting

Tax advisor and the goodness of your heart

likehelpful

Get full match on 401k. If you are healthy, save money by doing the High Deductible plan for health insurance than max out an HSA account. Extra savings money should go into an IRA, max that out. Extra can go towards maxing out the 401k.

Even more extra money? Congrats! Put that into real estate or, if you want more passive, into investments and use companies like Wealthfront or Fundrise instead of traditional investment firms (just my opinion).

like

His income is too high for IRA

like

Are u single? Asking for a friend

funnylike

Lol, yeah!

funnylike

My friend started a public speaking gig. He speaks once a month to a small group and is able to expense internet, rent, office furniture, computer, ..
If you have a financial advisor, that person and his/her team normally files your taxes.
If you do not have a financial advisor, pay a tax expert $200/year and a/he will save you thousands. I’ve personally seen the difference.
Lastly (unrelated to your question but observed in chats), if you care at all about your future, do not date anyone who wants to date you bcz they know your income level. That gives gold digger vibes..

likesmart

Finacial Advisors don’t file your taxes. Tax Preparers and Accountants do. We have enough liability with managing people’s money to assume tax liability as well. Keep your financial advice and tax advice separate.

Can’t lose money on taxes if you decide not to pay them 💪🏻

likefunny

Is that you Mr Capone?

funny

Move from California :)

likefunnysmart

Ah yes, about the age where people start considering being Republican

likesmartfunny

Make less base!

funnylike

Register a LLC, buy a rental property or two, make money from money and expenses will reduce taxes. Might want to reach out to a tax professional or lawyer

like

The suggestion was not to reduce original tax burden but to make up for some of those taxes by making more money from the money you get after taxes.

Audits or not, it is an avenue to potentially prevent your personal assets from potential litigation, even if you are a single owner you still can if you actually follow all requirements for ex having documentation of meetings and have org structure, agent and etc. If you end up making more than 40k annually you can file taxes as a s-corp. It doesn't reduce your personal taxes but increases your overall income.

Also, you can only claim expenses on money you make on the LLC (like Sol. Arch mentioned above).

Not professional advice, listen to the wise guy 'President' guy and get a tax professional.

Vote Republican and pray for tax cuts.

likefunny

Lol.. we had republicans 2.3 trillion tax cut for corporate and limited time tax cut for regular folks. Point is, no is going to help common people

like

Just buy crypto and say you lost your private keys

like

You don’t get to deduct that.

like

Max out your traditional 401k and then max out your mega backdoor roth option if your plan allows, plus get a high deductible healthcare plan and then max out your HSA. Between 401k and HSA plus standard deduction for single that’s around $36k in currently non taxable dollars, the $3550 HSA forever non taxable if you use it right. You don’t qualify for traditional IRA but you can do backdoor Roth, which at least saves taxes in the long term in a huge way.

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Yes yes, but not if you do immediate conversions is what I was focusing on

Which practice and level at deloitte?

like

What do you do?

like

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