I see several ads in Facebook and YouTube that advertise advanced Tax Strategies to save huge amounts of taxes ( 100K+) for W2 employees with income over 1M plus. All my research has shown there are not much loopholes for W2 income. Some of the obvious things you could do is HSA, 401K, Backdoor ROTH, Backdoor Mega ROTH, 529, income deferral. The only way for W2 earners to save move taxes in the long term would be from Rental Real Estate with cash out refinance on Appreciation, 1031 exchanges, Depreciation deduction but only for the passive income. Would love to know if there are more ways for significant savings on W2? TC : 1.5M Age : 40+ #taxes #w2 #savings
is STR/Active rental real estate too good to be true? i can’t wrap my head sounds the depreciation part and if the savings a repeatable every year are for a single unit. i’m super interested though seems like a good way to own assets that might not only be profitable due to being a STR, but like $50k in tax write offs/savings each year. Would a tax planner be worth consulting before buying this? Also… could I like buy lux furniture and write it off in taxes? then in another tax year I can move it tomorrow my own home? 😄
This reminds me of: https://youtu.be/aCP27_vquxQ
Can you have a side hustle LLC and deduct the expenses from the W2 income ?
Passive loss only deduct-able from passive income
the only way to save a lot on taxes is claim bullshit deductions youll eventually get audited for, or to marry a real estate professional and invest heavily into RE. aside from the obvious tax advantaged accs ofc
Can you please explain how rental real estate can reduce w2 income tax? From what I understand if your Magi is more $150k you can not use real estate losses like depreciation to offset w2 income tax
marry someone who is a real estate professional and file MFJ. you can find reddit threads on r/fatfire discussing it
Some oil&gas companies offer 100% write-off of your investment in them. That write-off applies to any income, including W2.
Can you please elaborate. Did you actually go through this process yourself?
General Partners in the oil and gas businesses can write their entire investment off of their income. That's in the tax code. I spoke with one such company and they make all their investors into General Partners to take advantage of that tax treatment. The flip side is the GP liability that may exceed the invested amount. I did not participate because of that.
How the fuck are you earning that much?
In the same fucking way you are earning that much less !
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What do you do to make that much?
E6 Work at Meta during times of high stock volatility and well-timed refreshers 🤷♂️