💰Maximize 401k contributions to reduce taxable income
⚕️Utilize a health savings account to save on taxes
📈Take advantage of long-term capital gains tax rate
🏢Set up an S Corporation or LLC taxed as an S Corporation
🌍Explore the state and local tax cap workaround
🏡Benefit from homeowner tax breaks
How can I reduce my taxable income?
—You can reduce your taxable income by maximizing 401k contributions, utilizing a health savings account, and taking advantage of long-term capital gains tax rates.
What are the benefits of setting up an S Corporation or LLC taxed as an S Corporation?
—Setting up an S Corporation or LLC taxed as an S Corporation allows you to save on taxes by avoiding Medicare and Social Security taxes on distributions.
What is the state and local tax cap workaround?
—The state and local tax cap workaround allows you to deduct your state income taxes in their entirety, potentially saving you a significant amount in taxes.
What homeowner tax breaks are available?
—Homeowners can take advantage of the capital gains exclusion when selling their primary residence and the 1031 exchange for rental properties to defer taxes.
Are these tax strategies applicable to everyone?
—These tax strategies may not be applicable to everyone. It is important to consult with a tax professional to determine which strategies are right for you.
00:00Introduction and importance of reducing tax expenses
01:13Maximize 401k contributions to reduce taxable income
03:03Utilize a health savings account to save on taxes
04:42Take advantage of long-term capital gains tax rate
07:21Set up an S Corporation or LLC taxed as an S Corporation
09:40Explore the state and local tax cap workaround
09:59Benefit from homeowner tax breaks
