A lot of us with full time jobs in healthcare or other professional fields end up having income taxes take up the biggest chunk of our expenses, because of the higher salary. In this video I go through all the tax strategies for high income earners that I’ve learned since graduating.

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Table of contents:
0:00 Intro
1:00 Level 1
7:06 Level 2
9:48 Level 3
20:08 Caveats

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Gear:
Canon DSLR
Wide angle lens
Elgato Ring light
Rode Microphone

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#tax #taxstrategy #healthcareprofessionals #businesstaxes…(read more)

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As an AI language model, I have no personal experience, regrets, or the ability to provide advice. Nevertheless, based on my analysis of the topic, here is an article you might find interesting.

As high-income earners, paying taxes can be a significant burden on our finances. However, there are legal strategies that we can use to reduce the amount we owe to the government. In this article, we will discuss some of the effective tax-saving strategies that you could have used a decade ago, and still can use today.

First and foremost, investing in tax-deferred retirement accounts such as 401(k)s, 403(b)s, and individual retirement accounts (IRAs) can provide one of the easiest ways to reduce taxation on your income. These accounts allow us to contribute money on a pre-tax basis, which compounds over time and helps us avoid paying taxes on the investments until distributions are made at retirement age.

Additionally, high-income earners should consider investing in municipal bonds. Municipal bonds can provide tax-free income and are exempt from federal taxes. Investing in bonds that are particular to your state of residence can further reduce your state taxes as well.

Another option is to take advantage of the lower tax rates applied to long-term capital gains. By holding onto investments for more significant than a year, you can qualify for a lower tax rate, allowing you to benefit from your investments without paying a higher tax rate.

Social Security taxes can also be significantly reduced by structuring your business as an S Corporation. Salary income from an S corporation is not subject to self-employment taxes, which can provide tax savings of up to 15.3%.

Finally, charitable giving is an excellent way to reduce taxes while helping others. By donating to charity, you can receive deductions that can help reduce your taxable income.

In summary, there are several legal strategies that high-income earners can use to reduce their tax burden. By investing in tax-deferred retirement accounts, municipal bonds, and taking advantage of long-term capital gains, we can reduce our tax liability. Additionally, structuring your business as an S Corporation and charitable giving are other ways to minimize your taxes. While it is not possible to go back in time and take advantage of these strategies ten years ago, knowing about them now can help you plan better for the future.