💡Contributing to a retirement account can help defer your income and reduce your tax liability.
📚Contribute to a Health Savings Account (HSA) to pay for medical expenses with pre-tax income.
🎓Invest in a College 529 Plan to save for educational expenses while enjoying tax benefits.
👫Consider filing taxes separately if one spouse has significant itemized deductions.
💸Contribute to a Donor-Advised Fund (DAF) to maximize your charitable deductions and support causes you care about.
Are these tax strategies legal?
—Yes, all the tax strategies discussed in the video are 100% legal.
Do I need to be rich to apply these strategies?
—No, these strategies are applicable to individuals at various income levels.
How do I choose the right retirement account?
—Consider factors like eligibility, contribution limits, and potential tax advantages when choosing a retirement account.
What are the benefits of contributing to an HSA?
—Contributions are tax-deductible, and funds can be used for qualified medical expenses tax-free.
Can I change my filing status from joint to separate?
—Yes, married couples can choose to file separately, but it's important to consider the impact on deductions and credits.
00:00Introduction to the video and the goal of sharing 15 legal tax strategies to avoid W-2 taxes.
04:10Explanation of the benefits of contributing to a retirement account and how it helps defer income and reduce tax liability.
05:40Overview of Health Savings Accounts (HSAs) and how they allow pre-tax contributions to cover medical expenses.
06:51Explanation of College 529 Plans and their tax advantages for saving for educational expenses.
08:08Discussion of the benefits of filing taxes separately and how it can help maximize deductions.
09:10Explanation of Donor-Advised Funds (DAFs) and how they allow you to receive immediate tax deductions for charitable contributions.
