Y’all I need tax tips. How to save???!

likefunny
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Forget the enter a digit from your W-2 for income.

funny

Maximize 401k
Maximize tIRA if you get full tax benefit (taxable income / MAGI under 66k or so Single), otherwise max out R IRA. Can still do it for 2020 until tax deadline.
HSA max out (unless HD health plan benefits are horrible compared to the other plan).

Also, withholding just enough is the right thing. If you're getting thousands in refund, you're being stupid to give irs the money for a whole year unt filing when it could have been invested.

I have to pay $1-2k every year on filing. It's Especially helpful because the child tax credit is $2k but refundable part of it is $1.4k, so you get $2k only if you withheld little. This year it will be $3k.

like

Itemize deductions and write off 50% of your income as business expenses

:( oh.

Are you an independent contractor (1099) employee? I think I saw your other post about taxes... do you just owe some or are you paying a full year worth of taxes?

If you’re 1099 you should be setting aside 30%-40% of your paycheck to pay taxes at the end of the year. Earn interest on it but definitely don’t spend it if you don’t have savings to pay your tax bill

Ok. Thanks I think I withheld too little

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