How to minimize taxes?
Hey folks - I will make over $400K+ in annual comp this year. What other things I should be doing to minimize my taxes for 2019? I maxed out 401K. Any tips are appreciated. Mucho Gracias!
Stop voting blue
Jesus Christ...
And start voting for the white supremacists
Donate to charity. Start a business and lose money on it.
How so? How much can you write off and can you do it year after year ? Seems like a good way to get audited and get in trouble.
It was a joke. You'd be better off paying taxes that losing money on a business and getting a fraction of it back in april. You can invest in rental properties and defer most taxes of the gains for a long while. But W2 income is essentially unshelterable.
The income that’s coming via reported W2 will be taxed, of course. Try to make more money under the table or illegally. Dump that money into Gold bars.
Make money illegally lol. At that point just don’t pay the taxes and go to jail
No, no, @bluetiger. An important (implied) part of the make money illegally plan is not going to jail.
Overpay your taxes this year, so you get it refunded (and taxed) next year
Stupid advice. Why would you give an interest free loan to the government
Seems like an obvious joke
Max out your HSA Avoid capital gains taxes on your investments--try not to sell/rebalance until another year when your income is lower Avoid interest and dividend taxes on your savings--invest in ETFs that avoid these and prefer CA muni bonds over taxed bonds
Hsa investment- if you have hsa Fsa investment - if you have kid or something
What’s your level at MS and your TC breakdown ?
Get an accountant !
Donate to charity
Yes - I plan to donate some to charity.
That's not going to help you with reducing your tax bill however, unless you are able to itemize. Which with new standard deduction and SALT limits is highly unlikely (assuming you live in CA).