How do you decrease your taxable income to stay on certain bracket? 401k, What’s else?
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Since my last post, NW has gone up around $600k due to the market. My partner and I are 30 years old and want to retire ASAP, but the high TC in SF tech are like golden handcuffs. We estimate we’ll save $300k-$500k a year post-tax and all expenses, and more if tech stock goes up. BUT, AI wealth is highly concentrated in our area and we’re worried if we quit we will fall behind compared to the 20 somethings AI techies at OpenAI/Anthropic. How are people here retiring early given AI uncertainty?
Question for Finance Professionals What’s one financial metric that you believe investors and business owners should pay more attention to? I’m collecting insights from professionals across the industry and would be interested in continuing the discussion through a short Zoom or Google Meet call with those who are open to networking and sharing perspectives. Feel free to comment or DM.
This year, gold remains one of the most closely watched assets in the market. Geopolitical risks, continued gold accumulation by central banks, inflation concerns, and uncertainties surrounding interest rate policies continue to underpin demand for gold. Although short-term price volatility persists, many investors continue to view gold as a vital asset for hedging against economic uncertainty and currency risks.
Seems somewhat fitting to ask in this bowl. Has anybody experienced Chapter 13 Bankruptcy? I’m exploring the option to get a fresh restart on bills that got the better of me but am scared to actually do it. I know I’m in too deep and want to do this before I actually do get behind on bills. Any real advice from someone that had to do it? I’m fully recognizing this is my own fault and I’m already embarrassed about it, so keep judgment to a minimum even though I’m judging myself.
Need some advices. Got a good job opportunity and will be moving from NY to Charlotte. I have a 2 family house in Westchester but I am not sure what to do, keep it to rent it out and manage it from far away or sell it, and with the money buy another one in Charlotte and potentially buy a new rental as well (would be making 800-900k profit from selling it. thanks in advance!!
HSA and IRA are options.
IRA traditional or Roth?
Traditional, if you want to reduce taxable income. Roth IRA and 401k don’t reduce income now but are tax free later
529, but only on state level and selected states. funnel some money to your business, even a small one and tag as biz expense. charitable contributions.
HSA, Limited FSA
Capital losses can deduct up to $3k from income I believe
@QT1 does RH send those capital loss information?
Im afraid i dont use RH!
Besides all the pre-tax accounts, everything on a Schedule A will reduce taxable income. But why do you care what bracket you're in? Tax brackets are marginal, so you pay the higher tax rate only on income within that bracket.