How to lower tax bracket?

[Original Profile]

56 minutes ago, phatposts said:

Are you asking for 2020 or 2021?

2021

[manadonga]

7 minutes ago, Original Profile said:

Health insurance bhayya...daniki pay chesedhi pretax. No tax for that

Antena inka ekkadina tax savings cheyyochemo anukunna 

[Vaampire]

2 hours ago, Spartan said:

  ma lanti vallaki donate cheyi..... and include that on tax donations.... cc: @Vaampire  neeku kuda vartistundi e idea..

Ikkada tax returns kattadaniki stocks ammuthunna

[bhaigan]

2 hours ago, Spartan said:

  ma lanti vallaki donate cheyi..... and include that on tax donations.... cc: @Vaampire  neeku kuda vartistundi e idea..

please include me bhayya

[phatposts]

10 hours ago, Original Profile said:

2021

If you are serious about taxes, I strongly recommend a Tax consultant (not a CPA). If the Tax consultant/advisor is part of your CPA office's team that is a benefit. This is not the right place for tax advise. You will not reduce tax, but Backdoor Roth is an Option for future tax free investing. If your income is high you are not eligible for normal roth deductions. 

 

[AFDB_Director]

30 minutes ago, phatposts said:

If you are serious about taxes, I strongly recommend a Tax consultant (not a CPA). If the Tax consultant/advisor is part of your CPA office's team that is a benefit. This is not the right place for tax advise. You will not reduce tax, but Backdoor Roth is an Option for future tax free investing. If your income is high you are not eligible for normal roth deductions. 

 

Second this. If your income is $200k+, go for backdoor ROTH. you can put $6k for you and $6k for your spouse. 

Also, google 'mega backdoor ROTH'. This will allow you to put additio6 $37.5k into ROTH dollars. Youtube has several tutorials on this. 

[Original Profile]

1 hour ago, phatposts said:

If you are serious about taxes, I strongly recommend a Tax consultant (not a CPA). If the Tax consultant/advisor is part of your CPA office's team that is a benefit. This is not the right place for tax advise. You will not reduce tax, but Backdoor Roth is an Option for future tax free investing. If your income is high you are not eligible for normal roth deductions. 

 

Thanks bro...do you know any tax consultants?

[Original Profile]

32 minutes ago, AFDB_Director said:

Second this. If your income is $200k+, go for backdoor ROTH. you can put $6k for you and $6k for your spouse. 

Also, google 'mega backdoor ROTH'. This will allow you to put additio6 $37.5k into ROTH dollars. Youtube has several tutorials on this. 

Thanks will look into it. But Roth is after tax ga...profits lo tax cut avvavu ani telusu

[FLraja]

14 hours ago, Original Profile said:

Any legal ideas on how to reduce tax brackets? Regular vi anni telusu like 401k, hsa, insurance etc. Any other ideas?

both working and ee year pay kuda ekkuva vastondhi...so taxes pagilipoye la vundhi 

 

iddaru 20+20 pettava 401 lo?

peddaga em padadu ga tax migilina total 250k ayina its less than 25k kadtavu

 

[phatposts]

2 hours ago, FLraja said:

iddaru 20+20 pettava 401 lo?

peddaga em padadu ga tax migilina total 250k ayina its less than 25k kadtavu

 

250k ki 25k tax aa? how?

[phatposts]

2 hours ago, AFDB_Director said:

Second this. If your income is $200k+, go for backdoor ROTH. you can put $6k for you and $6k for your spouse. 

Also, google 'mega backdoor ROTH'. This will allow you to put additio6 $37.5k into ROTH dollars. Youtube has several tutorials on this. 

Mega backdoor is possible only if employer's plan supports in service distributions. Some data shows only 3% of the employers allow that.

[Spartan]

13 hours ago, Vaampire said:

Ikkada tax returns kattadaniki stocks ammuthunna

ala amme paristiti rakunda...maaku donate seyandi babayya..  @Vaampire kavalante ne binami la unta.. 

[FLraja]

45 minutes ago, phatposts said:

250k ki 25k tax aa? how?

Sorry 25% anaboyi. Aa rate lo nuvu 24k deduction=225k meeda 55k-4k child credit= close to 50k kadtunnav inkem nastam bhayya? after tax 200 vostundi kada 250 lo

[mirchi_bajji]

home office deductions kuda levu :(

 "Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.”

[no01]

kids unnara? unte 529 college education plan lo en-roll avvu...I think it will save some taxes, if I'm not wrong