All numbers are in USD and my tax situation pertains to US taxes.
I am at a crossroads and am seeking help. I am a single man who has always made a good living and generally enjoy my life as I please. I work hard and this year has brought me a nice promotion at work. I've always had a good salary and, because of the promotion, this year my salary will climb by about 25%. If it helps, lets say my salary will be in the range of $200k for 2021
Because I've made a good living, my concern in life has usually been taxes. I don't own a home, not married, don't have kids so I'm basically in the worst possible tax situation with no write-offs.
I know the next step most people would suggest is to buy a home. And while that would help my tax situation, it also brings on more headaches and fees. For example, my current housing expense is an insanely low $725/month and any home purchase would significantly increase that. A home that I have considered is beautiful and I would love to live there but the mortgage (after all fees and stuff) would be about $3,000/month - a 4x increase of my current number!
I should also add that I like being out doing things, taking trips or playing golf, etc. I don't see myself as the kind of person spending the weekend "working on the house" or things like that. Plus, as I said, I'm single. The house I mentioned above is 1800 sq. feet, which is too much space for a single person and that applies to most nice homes out there.
EDIT: I forgot to mention that because of rules at my work, I am limited in my investing options. I would like to try my hand at day trading or something like that, but it's prohibited for someone in my position. I make 401k contributions for the IRS max amount every year, but that's the extent of my investing activities.
EDIT 2: I have already looked into Roth IRAs but I am above the income where that presents any tax benefits.
EDIT 3: I have little to no interest in being a landlord and really don't want to consider investment properties.
So, what are the alternatives to home ownership? How can I create a better tax situation for myself? Is the answer to start a business? Or should I really be buying a home?