Ryan, good video - could you make a follow-up on the remaining strategies for W2 earners? The side hustle tax deductions, the Intangible Drilling Cost for oil prospecting deductions etc.? The HSA/401k stuff is fairly limited.
Can people currently doing backdoor Roth IRA from a tax perspective be able to leverage Roth 401k employer plan? I’m guessing not.. I’d like your thoughts
Im confused. Just for example, say someone made 30k last year, no deductions, no retirement contributions etc, and is in the lowest tax bracket already, lets say they got a $1500 return the previous year. If they make 30k again, but contribute to retirement etc, and have deductions to claim a total of say 20k, will they get less or more than the $1500 previous year return?
You have more deductions and should in theory get 10,000x.12 more on your refund assuming you payed the same amount of taxes out of your checks in North years
Awesome video. What about Buying an EV and getting tax credit? Or buying some cars weighing over 6000 lbs and turo then claim section 179? Any thought on that? Thanks man. You're awesome.
Yes, EVs can get you tax credits for sure. If you run a Turo business then you can purchase vehicles and claim the depreciation deduction. However you need to be running it as a business. I will likely do a similar video for business owners..
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Let me know what you think below!
Ryan, good video - could you make a follow-up on the remaining strategies for W2 earners? The side hustle tax deductions, the Intangible Drilling Cost for oil prospecting deductions etc.? The HSA/401k stuff is fairly limited.
Can people currently doing backdoor Roth IRA from a tax perspective be able to leverage Roth 401k employer plan? I’m guessing not.. I’d like your thoughts
This was so helpful! I'm jumping from per diem to FT so now I gotta find ways to reduce my taxable income lol
like your outro music
Super informative. Appreciated
Do you have a version of this for independent contractors?
Setup an S corp!
very helpful info
Any suggestions for higher income w2 workers
How much the limit for high deductible health insurance plan?
Im confused. Just for example, say someone made 30k last year, no deductions, no retirement contributions etc, and is in the lowest tax bracket already, lets say they got a $1500 return the previous year. If they make 30k again, but contribute to retirement etc, and have deductions to claim a total of say 20k, will they get less or more than the $1500 previous year return?
You have more deductions and should in theory get 10,000x.12 more on your refund assuming you payed the same amount of taxes out of your checks in North years
Not a question just an aspiring CPA who just took FAR and contemplating leaving the profession 😂
Bail now! Get your soul back. Food will taste better, air will seem clearer.
Can anyone recommend a video with non retirement based options?
Most tax benefits go to small business owners and real estate investors.
Awesome video. What about Buying an EV and getting tax credit? Or buying some cars weighing over 6000 lbs and turo then claim section 179? Any thought on that? Thanks man. You're awesome.
Yes, EVs can get you tax credits for sure. If you run a Turo business then you can purchase vehicles and claim the depreciation deduction. However you need to be running it as a business. I will likely do a similar video for business owners..
Commission
Super basic stuff
That’s what I was thinking like this doesn’t help at all 😂
Bro this video ain’t it, we both know there are far more lucrative ways to get this done.
can you name a few things I can look into ?
Like what?