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Are there any ETFs for blockchain companies?
Well. ARKK is back.
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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
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.
Have you considered tax fraud?
He’s at Deloitte, of course he has considered tax fraud:)
Have kids! Lots of ways to save on taxes when you have kids.
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.
Use traditional 401k and use HSA
Or diversify tax risks and do both Roth and traditional retirement savings.
Pro
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 😝
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.
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.
Tax advisor and the goodness of your heart
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).
His income is too high for IRA
Conversation Starter
Are u single? Asking for a friend
Lol, yeah!
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..
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 💪🏻
Is that you Mr Capone?
Move from California :)
Ah yes, about the age where people start considering being Republican
Make less base!
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
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.
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
Just buy crypto and say you lost your private keys
You don’t get to deduct that.
Enthusiast
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.
Pro
Yes yes, but not if you do immediate conversions is what I was focusing on
Which practice and level at deloitte?
What do you do?