What I wish i knew 10 years ago | LEGAL strategies to pay less taxes for high income earners

Lydia PatelMay 10, 202322m 23s2.3K viewsScore 85
Regulations & Compliance
advanced
tax strategies
high income earners
tax deductions
business expenses
retirement accounts
M

Summary

AI-generated

This video explains various tax strategies for high-income earners, moving from basic retirement accounts to advanced business-related deductions. Hosts will learn how to leverage pre-tax and post-tax accounts, business expenses, and depreciation to potentially reduce their tax liability.

Key insights

  • Starting a business, even part-time, allows for deductions of ordinary and necessary expenses, such as startup costs, supplies, travel, and even mentorship lunches, which can offset W-2 income.

Mistakes to avoid

  • Failing to plan for taxes before the end of the calendar year can lead to missed opportunities for tax-loss harvesting or strategic purchases that could have reduced the overall tax bill.

Tools & resources

  • Short term rental calculatortool

    A free short-term rental calculator is available to help with financial planning.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial