Related Posts
Coach
Any thoughts on iCapital?
Additional Posts in FIRE Financial Independence Retire Early
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
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.
"" is an unusual email domain. If correct, please proceed to the next step
Messaging rates may apply
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
New to Fishbowl?
Download the Fishbowl app to unlock all discussions on Fishbowl.
Share
Embed this post
Copy and paste embed code on your site
Preview
Download the
Fishbowl app
Scan your QR code to download
Fishbowl app on your mobile
Sign up for free to view this conversation on Fishbowl
Sign up for free to continue using Fishbowl
Messaging rates may apply
It’s down to the wire with 2 weeks left in the year, but we could definitely look into setting you up for success in 2026 and onward.
DM me for a no-cost financial review, and we can see what tax-advantaged options you may qualify for.
lol negative 😆
There's a limit, but charitable deductions can certainly reduce your taxable income. There well may be other things you can do that will reduce the tax bite
Talking to a tax professional seems advisable.
This. We had stopped itemizing when the SALT cap went to $10k. Now that it’s so much higher, we are clustering charitable donations in alternating years so we can itemize one year, standard deduction the next.
Coach
Probably not. W2 workers get hit the hardest, there’s very little that any tax professional could suggest doing over just taking the standard deduction and taking advantage of tax advantaged accounts
Thanks so much
Lol not much you can do on Dec 17th
Subject Expert
Depreciation can offset ordinary income in some circumstances. But it's rare for the depreciation to be much more than the income from the rentals, and in any event if it were they wouldn't be very good rentals. And it would take millions of dollars in real estate to make a big change in the OP's tax situation.
Basically you gotta pay your taxes.
Mentor
Probably depends how big your portfolio is.
Are you doing tax loss harvesting, megabackdoor Roth? Have you considered if Whole Life makes sense for you?
Have you thought about Roth conversion strategies after retirement?
If you aren’t doing at least some of these then an advisor could help.
I concur! My partners specialize in Roth conversion strategies and tax planning for high income earners and high net worth clients. If you qualify, I can connect you with the right people. Shoot me a DM, we’ll talk.
Helps if you must file in multiple states. Otherwise probably not much value
Nah, you’ll only qualify for standard deduction.
I would probably see a tax professional just to be safe. May not be necessary but I always air on the side of caution. I have been audited before and it was a big mess.
What was messy about your audit? Plz share so we can learn
Won’t the higher SALT deduction likely mean you are itemizing this year? (Depending on state but assuming high state tax because most of us are ca or ny)
SALT can help in CA. The deductions taper off for higher incomes, but are still higher than last year if your AGI is
Tax planning requires pre-planning. This is what ChatGPT had to offer https://chatgpt.com/share/6945d83b-4a0c-8002-bb14-2ab486ea81d5
Are you maxing your pre tax retirement accounts available to you? Do you have a direct indexing strategy going for any taxable investment accounts? That way you can tax loss harvest to avoid gains taxes. Other than that, there's not much to be done especially at the end of the year.
What you need to do is understand that that W-2 is a voluntary form. It’s totally against the law to do that to us and you need to just write exempt across that claim line and keep your withholding they still take your Social Security. They still take your Medicare, but you have the right to do your taxes the way you wanna do them or not do them at all because it’s technically illegal as American born nationalist here in this country. If we all wrote exempt, it would cripple all those pukes that try to put the rules on us.
Subject Expert
This is great advice to follow if you want to go to prison.
REALLY? Most higher level managers on this post are less than $150/year. With you making $324 and needing advice for a Tax professional--
1. yes, definitely get Tax advice -- sad that you would have to ask.
2. How did you get your position?
It hurts my heart to see some of these comments.
Not all tax advisors are the same, especially if you do not know what you are asking for. Please read Rich Dad / Poor Dad, this book changed my life, you have about 6 days left this year to change yours. You are exactly the "accredited investor" business is looking to partner with and YES - if you are paying tax in your W-2 job, you can absolutely reduce you tax burden significantly in 2025 if you act quickly.
Subject Expert
By doing what?
The only thing is Short term rental
How does the short term rental angle work again?
Right, besides what’s above. The only think to actually lower taxes is STR greater than 14 days.
Coach
Oil & gas, 501 c 3 contributions, 529 plans, etc…
We had an HHI over $1M for a few years and talked with financial advisers, with income mostly from W2s and investments primarily in index funds. They didn’t add anything we don’t already know (max retirement accounts, including backdoor Roth, etc.). We do itemize instead of taking the standard deduction, but freetaxusa does the calculation for us after we enter everything. But it’s hard to say whether there’s something particular in your situation they could help with.
Thank you. I figured as much.
Just use TurboTax.
May be beneficial to ask an accountant. I know a Lot of new write offs for vehicles have been introduced. Section 179 is a big one when it comes to write offs, but it involves purchasing a vehicle over 6000 pounds, but you can essentially write off the whole vehicle if you have made enough. In your case I think you have, but your tax accountant will verify your options.
Coach
Section 179 wont help a W2 worker
open up a small home based business somthing you like doing and go buy a new trcuk for the business and write it off.