Reducing Taxes if your W-2 employee
Some of our customers have seen reduced their income tax by 2/3.
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I live in virginia and our state allows transferable state tax credits. I am purchasing them from a CPA whose client is selling them. Basically I can buy 18000 in state tax credits for 14900 dollars. That is a dollar for dollar reduction in you tax liability, on the state tax. Check with your CPA and see if your state offers this. The credits I bought were for Virginia Land preservation. I need help with my tax return http://yourbooksontime.com/help-with-my-tax-return
Also if you are married have you wife max her plan out also.
If you have kids you can do a 529 plan and my state, VA, gives you a state tax deduction. We actually opened 4 529 plans for my two youngest children. you get a decuction of 2k per child, per SS# donor. So 8k invested saved me about 600 dollars on state taxes. again, check to see if your state offers this.
Business miles is always a good deduction.
Any other ideas let me know because I am getting killed with taxes from my upfront bonus. I guess things could be worse.
as question decided?
Since when is tax deferral the same as tax savings? You will be deferring $6645 in taxes today, to pay much more in taxes in the future. Tax advisor near me http://yourbooksontime.com/tax-advisors Your Books On Time.
Would you rather invest in your own business or the business of hundreds of other companies? The best businessmen invest in themselves. Why put the money in a 401(k) instead of investing in your own business? Invest in your own business and you'll get the same "tax savings", but with a much better rate of return if you are a good businessman.