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re: Minimizing Tax Bill
Posted on 4/26/24 at 8:18 pm to GEAUXT
Posted on 4/26/24 at 8:18 pm to GEAUXT
401K max
HSA max
Standard deduction
Tax loss harvest and use the $3K each year
That’s effectively it. Accept it as a good problem to have and honestly don’t dwell on it. Nothing good comes from getting annoyed with a six figure tax bill.
HSA max
Standard deduction
Tax loss harvest and use the $3K each year
That’s effectively it. Accept it as a good problem to have and honestly don’t dwell on it. Nothing good comes from getting annoyed with a six figure tax bill.
1
Posted on 4/29/24 at 7:39 am to lynxcat
Was in similar boat as OP, and your comment covers most of my thoughts. OP should consider back door Roth to help with taxes downs the road.
We got into real estate, initially thru rentals and then new construction. The rentals provided us some deductions we would not have had otherwise. We bought rentals with 10 or 15 year mortgages and tried to not show much income from them. Starting selling them after retiring from day job. The experience over the years allowed us to leave our day jobs young and delay touching 401 money until we hit typical retirement ages.
We got into real estate, initially thru rentals and then new construction. The rentals provided us some deductions we would not have had otherwise. We bought rentals with 10 or 15 year mortgages and tried to not show much income from them. Starting selling them after retiring from day job. The experience over the years allowed us to leave our day jobs young and delay touching 401 money until we hit typical retirement ages.
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