tax advice

O

OTCkrak

me and my wife are in our mid 20s and we will have a combined income of about 250K this year. We have no assets, no debt, no kids. basically im getting ready to get raped on taxes state/federal

Last year I managed to hide my ST capital gains of over 100K by submitting a W2 from a 10hr a week pt job at 9$/hr. my wifes corporate job takes care of health insurance and her 401K gets maxed out.

my question is what advice do you have legit or illegal so that we pay the LEAST amount of income tax next year? I have considered some money laundering/ tax evasion schemes but it seems the risk at this level out wieghs the rewards.

we live in a high rise rental condo and have no plans of buying a house. from what i understand that market returns 6% average in the long run? Basically I wont buy a house untill i can afford a 5M+ residence. does purchasing a rental property have any tax benifits?

i really hate asking other professionals for advice so im here looking for some creative options.
thanks
 
Quote from OTCkrak:

Last year I managed to hide my ST capital gains of over 100K by submitting a W2 from a 10hr a week pt job at 9$/hr.
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How on earth did you manage to do that? Weren't your ST cap gains reported to the IRS by your broker?
 
Quote from Trader KGB:

How on earth did you manage to do that? Weren't your ST cap gains reported to the IRS by your broker?
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Nope there are ways to hide the gains, but I'm not going to teach anyone how to evade taxes. I realize that the current tax system sucks, but even worse are the losers who evade.
 
Dude, don't evade paying taxes. It will end up costing more in the end (ie legal fees) and possible jail time. Pay a visit to a tax attorney. They can give you examples of how to reduce (v.s. avoid) how much taxes you pay.

Couple of ideas that helped my wife and I:

* Start a business (or two) and hire a good accountant; Business expenses are all deductible.

* Buy a house/condo with a mortage; Interest and property taxes are deductible; Based on the information you provided, you probably are in the top 3-5% credit rating wise thus you'll get a very competitive low rate;

* Donate to charitable organizations and/or public universities. 50-100% of your contributions would be tax deductible. Think of it this way, your going to have to give back some of your earnings so who do you want to give it to? Government or charity?

anyways...

These are just a few simple ways to reduce your taxable income. A good tax attourney should be able to review your income tax statements and compare them to others in your same income bracket and propose ideas.

Good Luck!
 
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