Ended up paying over 40k additional taxes this year on top of tax withholding.
Single income, H1B (wife on H4-EAD), renter ..... have maxed 401k, HSA. Is there anything else that can be done ?
Planning to buy a small condo for investment. Can this purchased under a company (LLC or sCorp etc).
Any advice on estate planning e.g. QDOT etc. only thing I have is adequate life insurance (no living trust, or umbrella insurance etc).
TC: a bit over 600k (freak year due to RSU gains, usually TC is ~ 400k).
#personalfinance #investments
#software #engineering #swe
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comments
Really rich people donโt even bother with this. They donโt work for w2 and taxed at much lower rate for dividend income and cap gains.
0-40k - tax free
40k-441k - 15%
441k+ - 20%