Reducing taxable income

Bloomberg / Eng
the1

Go to company page Bloomberg Eng

the1
Sep 19, 2017 37 Comments

Hey. I'm trying to find ways to reduce my taxable income in NYC. Other than 401k, buying an investment property or having kids, I can't think of any good ways to severely offset the taxable income. HSA/FSA is only like 5k...

What am I missing? It feels like everyone is gaming the system except me.

comments

Want to comment? LOG IN or SIGN UP
TOP 37 Comments
  • Amazon
    randrover

    Go to company page Amazon

    randrover
    You make so much. Just pay your taxes.
    Sep 19, 2017 8
    • Yahoo / Eng
      Hjkb

      Go to company page Yahoo Eng

      Hjkb
      I mean you're living in a liberal sanctuary city and refuse to pay tax to maintain such status. You don't have to be so bitter about things to not contribute to a public money pool that helps low-income families, the most accessible public transportation system among other things. Up to you.
      Sep 22, 2017
    • Facebook / Eng
      CRbc25

      Go to company page Facebook Eng

      CRbc25
      I would feel less bitter about the high taxes here if not for all the upper-middle-class people living in rent-controlled apartments. Fuck them.
      Dec 15, 2017
  • Amazon / Eng
    alexandria

    Go to company page Amazon Eng

    alexandria
    You can ask for a decrease on your salary. For sure that will lower the taxes you have to pay.
    Sep 19, 2017 0
  • Amazon
    Homeless.

    Go to company page Amazon

    Homeless.
    Having kids to save tax? Yes you would save on taxes but be ready to lose the principle, lol.
    Sep 19, 2017 0
  • HPE
    UnDs28

    Go to company page HPE

    UnDs28
    Investment property isn't a very good way to reduce taxable income for most people. You either make money on the rental and pay more taxes or lose money on the rental and pay the same taxes you did before. If you aren't a real estate professional, you can't use passive losses on your investment property to offset your w2 income.

    A business where you can show losses on paper while building equity is a good approach, but real estate can be a hard way to do that.
    Sep 19, 2017 2
    • Amazon / Eng
      mUqi08

      Go to company page Amazon Eng

      PRE
      Amazon
      mUqi08
      You can take depreciation as an expense but if you sell you pay it back in capital gain later, so depending on your tax rate it may or may not be good deal for you.
      Sep 19, 2017
    • HPE
      UnDs28

      Go to company page HPE

      UnDs28
      Depreciation offsets the income on your rental, not your day job, so it's still not great for the OP's original question.

      The best plan I've been able to come up with is buying run down properties, sink money into improvements to keep them cashflow-neutral, sell, roll the proceeds into an new property, repeat. You can avoid taxes indefinitely with this and pass it to your kids for the biggest loophole of all: they get to sell it with no capital gains.
      Sep 19, 2017
  • Intel
    0Entropy

    Go to company page Intel

    0Entropy
    Take fake deductions and file a theft complaint with the local police claiming your donation receipts were stolen :-p
    Sep 19, 2017 2