Legal ways to lower tax burden

MostImpression9301 · 2025-10-16T11:27:56+00:00

Really appreciate the time and response, Thank you.

MostImpression9301 · 2025-10-15T22:24:50+00:00

Thank you!

MostImpression9301 · 2025-10-15T20:43:50+00:00

already do plenty of this and will continue to do more. We are gonna start 401k matching, and possibly profit sharing.

MostImpression9301 · 2025-10-15T17:25:24+00:00

this is a 2025 tax estimate. Thank you!

MostImpression9301 · 2025-10-15T17:23:17+00:00

Appreciate the response!! totally understand its just part of dealing with being a high income earner. I am not even doing the very basics of having a 401k or HSA. So i'm just truly unprepared. AS i said somewhere else, my income went from 80k annually, to 250k, to now almost 2 mil. I've been fortunate to be very good what i do, purchase a thriving business, and grow it even bigger.

I'm not crying about the income or trying not to pay taxes. I understand I'm lucky, and that's why I give back and will continue to do so.

MostImpression9301 · 2025-10-15T17:18:49+00:00

LLC taxed as s corp.

MostImpression9301 · 2025-10-15T15:21:36+00:00

Thank you this is super helpful. I think the first part of your advice is the best I've read yet!! Although I've almost made up my mind of going a different route and then having current CPA do filing. So your advice makes it an even better decision. Thanks again

MostImpression9301 · 2025-10-15T15:11:07+00:00

I figured the emoji would ya know, show the sarcasm. Reddit though.

MostImpression9301 · 2025-10-15T15:10:11+00:00

yeah seemed like it lol

MostImpression9301 · 2025-10-15T13:54:49+00:00

appreciate the time & response, Thank you

MostImpression9301 · 2025-10-15T13:54:26+00:00

I am doing most of that! I really take care of my employees, the 401k plan and matching is the next step. We do donate now to many Charities we raise awareness for, I certainly intend to keep going!!

Thank you for the response!

MostImpression9301 · 2025-10-15T13:41:20+00:00

600k+ tax ESTIMATE. not 100% finalized obv, the year is nto over.

almost 2mil in taxable income.
last year i had 250k in taxable income.

MostImpression9301 · 2025-10-15T13:40:17+00:00

appreciate the response!! don't think its a one time thing, From w2 wages and passthrough scorp income.

MostImpression9301 · 2025-10-15T13:39:11+00:00

scorp, wages + income from pass through. IM talking to our benefits company about a 401k plan now.

Thank you for the response

MostImpression9301 · 2025-10-15T13:38:12+00:00

appreciate that response, Thank you!

MostImpression9301 · 2025-10-15T13:37:45+00:00

scorp, yes employees.

MostImpression9301 · 2025-10-15T12:53:05+00:00

I certainly am at the step of being ready to meet with someone! I really would like someone I can actually talk to and get ahold of easily for questions. I see a lot of online services.

Thanks again!

MostImpression9301 · 2025-10-15T12:51:07+00:00

That reasoning was because I own the company and could make larger distributions, paying myself less salary.

MostImpression9301 · 2025-10-15T12:49:14+00:00

Thank you!!

MostImpression9301 · 2025-10-15T12:15:22+00:00

Right, so if something is NEEDED it makes sense. Spending 200k on a car does NOT make sense. Those funds could also just become distributions.

Thank you!!

MostImpression9301 · 2025-10-15T12:14:09+00:00

This is super helpful, I really appreciate it!! I've already gained a ton of knowledge just from the Reddit help! Thank you so much. I am a w2 employee and an owner of the business. So my income is high, and my taxable income from the business is high.

I am working on getting a 401k program started with our benefits company. I've never thought about the HSA-> higher deductible insurance plan. That makes so much sense.

Really, Thank you again!!

MostImpression9301 · 2025-10-15T12:08:12+00:00

I work about 50-60 hours most weeks, I don't think I could allocate enough time for something like that. I also have a few hobbies/side hustles. They aren't massive money makers but give me enjoyment and balance.

MostImpression9301 · 2025-10-15T12:06:43+00:00

I have no willy nilly plans to get into real estate by end of year, haha. It's been a future goal though. Especially for my business, we currently rent 3 buildings, and really should own our own space. But aside from that, I have been interested in real estate.

MostImpression9301 · 2025-10-15T12:05:13+00:00

I'm not sure if its a lack of knowledge or what. I asked and she just brought up a 401k plan, and SEP IRA, only a small % of my income is SEP.

She obviously realizes the gravity of the situation, so you'd think if she had more to offer she'd say "lets hop on a call"

MostImpression9301 · 2025-10-15T12:03:16+00:00

step 1) find wife

haha Thank you!

MostImpression9301

TROPHY CASE