How to save taxes on 500k household income in Virginia

Question

I am dealing with a good problem, I was able to increase my Total compensation by 100% last year and would like to learn ways to save taxes on this high income

grant · Accepted Answer

If you have 500k coming in, you can spend 0.1% of that on an experienced tax professional who will more than save you that amount in taxes by preparing them correctly. Alternatively, move to a place without an income tax. More directly, you make half a million bucks, so don’t try and evade what you owe. You would regret it.

mHhdIPcrBw7eGrUbw2 · Answer

the short term rental loophole allows you to: get a bonus depreciation report, deduct it from your active income.

The key is you need to be spending more time on operations than anyone else: cleaner, handyman, etc.

Also, if your wife qualifies as a real estate professional (~700 hrs/year?), you get access to many tax breaks to reduce your active income.

How to save taxes on 500k household income in Virginia

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