So far I have max'ed my 401(k) contribution to save on taxes. Being on H1 visa, I am not comfortable buying a house which could have helped. Does the community have any other suggestions? I do get company stocks at a discounted rate - does buying stocks help with taxes (since its also a type of investment)? TC 200k, Yoe 5, Texas
Give away old stuff to charity. Move to Texas.
Get married and have kids. Adopt a family. Start an LLC and use it to (legally) write off some expenses and put employees on payroll to take care of said kids so you can use that time to work more hours. Donate to charity. Make less money to move to a lower tax bracket.
Can this happen before April 17th?
This costs way more than what you will “save”
Quick question - why would buying a house help? Afaik, you’d still have to pay property tax
Property taxes, and interest are tax exempt.
You mean tax deductions, not tax exempt. And there is a $10k cap on this deduction
House doesn't help taxes anymore really in high tax states like California. Reform doubled standard deduction, made itemizing harder with salt and interest caps
Deferred comp plan . If your company offers it
This is interesting. Thanks!
200k in TC , wow that is great , I don’t make that much even in SF
Ah..and here I am planning to move to SF for a better salary. Blind does make me question my career everyday.
Don't get married. You are in appreciating asset, she is not. For companionship, rent, don't buy. https://www.gamespot.com/forums/offtopic-discussion-314159273/pretty-girl-seeking-a-rich-husband-got-a-shocking--31102245/
Buy condo if you don’t have money to buy house . It’s only way to save money on tax .
Why does your question not include girls? 😶
There was another thread on Blind on this very issue. "Guys" has become a generic term to address both genders 😄
After tax contribution followed by backdoor roth conversion
That doesn’t save tax apart from the tax on interest right ?