What are some creative ways to save on income taxes as w2?
Obviously max out 401k, have kids, move to state with no income tax, buy a house, etc.
But what else.
Only thing I can think of is start legit business with lot of upfront costs, but not being a CPA, who knows?
I remember leak a year ago where it was revealed how lots of rich people were paying almost no taxes, pro-publica?
👤 dstainer Accepted Answer ✓
I asked my CPA last year what could I do and his suggestion was what you mentioned start a business that racks up losses. The catch is I believe that you have to show that you are making money within 5-yrs. But I'm not an accountant, so get that fact checked by someone who is.
👤 refurb
Not a lot of options for W2 income beyond the ones you mentioned.