How do y'all go about minimizing taxes paid?
Living in US (Texas), US citizen. Yes, I'm already planning on meeting with a CPA. Just wanted to get an idea of what I should look out for (i.e. charitable donations, 401K/Roth IRA/HSA contributions, stocks, etc). TC 236 YOE 1.5 #taxes #income #finance
Max out 401k
You dont have much options as a W2 apart from the obvious (HSA, 401k, Education). Youâll have a lot more options as an S-Corp (getting paid hourly) or have a rental property.
s corp K-1 schemes to dodge FICA are audit bait tho
Avg american salary is 55k. No reason to give yourself more than that.
Easiest way as a W2 after you do the obvious 401k, HSA, 529 is to consider making less money. Then you wonât have to pay as much tax. Consider ditching the CPA too, assuming your taxes are pretty simple there are no tricks and will probably take you 30 mins or less to file yourself.
Donât realize income. Zero tax ;)
Commit tax fraud
Is your goal to make more money or pay less tax? You could make less money if you'd like to pay less tax.
I invested in ARKK. I donât need to pay capital gains taxes this year.
This hurts
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