patrick.net
An Antidote to Corporate Media
1,191,991 comments by 13,864 users - HeadSet, RC2006, UkraineIsTotallyFucked, zzyzzx online now
invite responseComments 1 - 6 of 6 Search these comments
if I had the inclination to hire a very good accountant, I would also have had the inclination to get rid of my beat up Honda civic and buy a brand new x5. The whole point is that I don't want to spend money doing either, so I am driving a cheap beat-up Honda civic to get me from point A to B and looking for some simple cheap advice that would save me some taxes.
So, any suggestions on how I can save taxes on a $500,000+ income this year?
elliemae
2015 May 16, 6:49am
Donate it all to charity.
On an unrelated note ,I'm changing my middle name to "Charity"
if I had the inclination to hire a very good accountant, I would also have had the inclination to get rid of my beat up Honda civic and buy a brand new x5. The whole point is that I don't want to spend money doing either, so I am driving a cheap beat-up Honda civic to get me from point A to B and looking for some simple cheap advice that would save me some taxes.
So, any suggestions on how I can save taxes on a $500,000+ income this year?
Sometimes you need to spend some to save even more. Unless all you have is w2 income and maybe a simple rental house tax law is so complicated unless you do it every day you don't even know what you don't know. Even working with a really good accountant I've had some missed opportunities to save on taxes by messing up some small detail. I totally blew the 45 day window on a 1031 swap once and ended up paying taxes.
I guarantee my car is older and worth less than your honda, and I have no problem at all spending $800-1000 every year at the accountants.
Why not just google it, there are thousands of web pages about it, many written by tax accountants that can explain in far more detail than anyone here can.
Me and wifey expect to have a taxable income somewhere between $500K and $600K this year due to some RSU's vesting. Whew! and good, but knowing the way things are going, I will probably still be driving my beat up Honda Civic. In the meantime, I am wondering if there is anything I can do to significantly reduce my tax bill for 2015?