Tax Strategies For High-Income W2 Earners #taxstrategy

Tax Strategy is not just for business owners. If you are a high income w2 wage earner, i want to teach you these 6 strategies you can use to reduce your tax bill.

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Key Times In This Video:

00:00 - Intro
00:34 - Contribute to 401k
01:56 - Itemized vs Standard Deductions
03:45 - Tax Credits
05:35 - Tax Deductible Benefits
07:55 - Tax Loss Harvesting
08:57 - Convert Hobby Intro A Business
10:35 - Summary/Outro

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*Disclaimer: This information or service is for informational purposes only and is not intended to be personal financial advice

[moon]

super basic stuff.... thanks internet...

[industrializing]

Karla, I am living money on the table.

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Being strategic is becoming increasingly difficult. I am a self employed hairdresser in new york city and have a seperate buisness managing a car on turo. Also trying to buy investment property and a primary residence but, taking too many deductions in 2022 is screwing me when it comes to “showing income.” In 2023 I thought taking no deductions and paying all my taxes would’ve helped but, it didn’t; they just keep saying “we need 2 years of good income.”😢 I guess I’ll be taking few deductions for 2024 AGAIN so that i can qualify for lending on a primary residence. The hard money lenders are also afraid of me because I filed bankruptcy in 2021 which is affecting my fico score. I withdrew all my investments just to show the lenders i have liquid cash - that didn’t work either. Now i have to pay ordinary income tax on that! Do I need a fianacial advisor? I’m bleeding money. I wish I was better at fianancial strategy. Anyway, great video as ALWAYS, Karla! ❤