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Tax tips for high income earners?

Facebook bxhxbbdjd

Jul 8, 2020 73 Comments

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household income is over 500k ( husband and wife work day jobs) with over 200k in short term capital gain from day trading in this crazy market. Any lesser know strategies for lowering my taxable income? already max out my 401k.

i heard if you start a business on the side you can deduct losses against your income. assuming first couple years are upfront investment costs wondering if this is a good strategy. Still have no idea what kind of business i can burn through 300k+ and still manage a full time job.

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TOP 73 Comments

Cadence / R&D Ole-Ole

Just pay the damn taxes and save the rest!

Jul 8, 2020 56 1
- Amazon randfun
  
  I agree with the first half- continue to invest the rest
  
  Jul 21, 2020 0
eBay go corona

If ppl like u don’t want to pay taxes then how can low income workers survive? Can’t believe how greedy you guys can get.

Jul 8, 2020 23 9
- Wells Fargo qUyB01
  
  In CA state taxes go towards providing drugs to homeless folks 🙄
  
  Jul 22, 2020 2
- Facebook public2
  
  I'm good with that. Helping other's is better use for my tax money than building more tanks imho.
  
  Jul 22, 2020 0
Facebook public2

Rentals, depreciation against regular income up to 5m and infinite 2018, 2019, and 2020.

Jul 8, 2020 4 8
- Facebook public2
  
  Advice* but yes please consult your accountant and see for yourself. I love when folks like union bank get so riled up trying to prove themselves right. Doesn't hurt me if you miss out sir/mam.
  
  Jul 8, 2020 1
- Google ShakeBake
  
  Depreciation, repairs and improvements are deductible from rental income.
  
  https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/rental-property/tax-deductions-for-rental-property-depreciation/amp/L8tf7BPWz
  
  Jul 9, 2020 3
Amazon gtfo!

Business losses can only be deducted from business income. Not from your regular income.

Jul 8, 2020 14 7
- Facebook Uhmbreon
  
  If you have a single member LLC or sole proprietorship, you can deduct certain business losses against your regular income on Schedule C. This doesn't include the home office deduction, and if you don't eventually make a profit, the IRS can decide that your company isn't a business, but a hobby, and you'll have to pay that money back. A large Schedule C loss is also a great way to get audited.
  
  Jul 10, 2020 2
- Uber / Eng b!tch
  
  You can also have a partnership LLC and pay for LLC taxes separately, then generate K1s for each partner and that K1 can also be used on your personal tax return that can be used for the deduction to offset your W2 income.
  
  Jul 10, 2020 0
Persistent Systems SPYCalls

So you are making about $700K+ TC this year and you want to save on taxes.. what a miser.. pay the taxes and move-on.. or make a donation for the needy and save taxes on the donation..

Jul 8, 2020 14 1
- Facebook bxhxbbdjd
  OP
  
  When you start earning more trust me that you’ll probably also want to lower your taxes. On 700k the effective tax rate is almost 45% meaning I pay 300k plus in taxes. I probably use similar if not less public services than you do.
  
  Jul 21, 2020 2

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Tax tips for high income earners?

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