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NL - SE listen to your users
NL - SE listen to your users
  • 32.8k
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How can I achieve [a lower] Tax rate?

  • You don't qualify for an IRA, but what about a 401(k)? ($18,000)
  • Can you get a mortgage instead of renting? (Then you also get a property tax deduction.)
  • Are you married?
  • Do you have a home office?
  • Do you contribute to an HSA account?

The best way to lower your tax rate is to look at the available deductions then arrange your living circumstances to take advantage of those deductions. Talk to a professional who is already familiar with available tax strategies.

Since you don't mention 401(k) contributions in your question, maybe you're not getting great benefits from the company that you're working for. Would it be more profitable to start an S-Corp and work as a contractor rather than as an employee? You could pay yourself a lower (reasonable salary) and create your own retirement plan (offering more deductions).

How can I achieve [a lower] Tax rate?

  • You don't qualify for an IRA, but what about a 401(k)? ($18,000)
  • Can you get a mortgage instead of renting? (Then you also get a property tax deduction.)
  • Are you married?
  • Do you have a home office?
  • Do you contribute to an HSA account?

The best way to lower your tax rate is to look at the available deductions then arrange your living circumstances to take advantage of those deductions. Talk to a professional who is already familiar with available tax strategies.

Since you don't mention 401(k) contributions in your question, maybe you're not getting great benefits from the company that you're working for. Would it be more profitable to start an S-Corp and work as a contractor rather than as an employee? You could pay yourself a lower (reasonable salary) and create your own retirement plan.

How can I achieve [a lower] Tax rate?

  • You don't qualify for an IRA, but what about a 401(k)? ($18,000)
  • Can you get a mortgage instead of renting? (Then you also get a property tax deduction.)
  • Are you married?
  • Do you have a home office?
  • Do you contribute to an HSA account?

The best way to lower your tax rate is to look at the available deductions then arrange your living circumstances to take advantage of those deductions. Talk to a professional who is already familiar with available tax strategies.

Since you don't mention 401(k) contributions in your question, maybe you're not getting great benefits from the company that you're working for. Would it be more profitable to start an S-Corp and work as a contractor rather than as an employee? You could pay yourself a lower (reasonable salary) and create your own retirement plan (offering more deductions).

Source Link
NL - SE listen to your users
NL - SE listen to your users
  • 32.8k
  • 19
  • 88
  • 145

How can I achieve [a lower] Tax rate?

  • You don't qualify for an IRA, but what about a 401(k)? ($18,000)
  • Can you get a mortgage instead of renting? (Then you also get a property tax deduction.)
  • Are you married?
  • Do you have a home office?
  • Do you contribute to an HSA account?

The best way to lower your tax rate is to look at the available deductions then arrange your living circumstances to take advantage of those deductions. Talk to a professional who is already familiar with available tax strategies.

Since you don't mention 401(k) contributions in your question, maybe you're not getting great benefits from the company that you're working for. Would it be more profitable to start an S-Corp and work as a contractor rather than as an employee? You could pay yourself a lower (reasonable salary) and create your own retirement plan.