Hello Gents
Great show and thanks for the useful content.
Big tax bill this year…My tax accountant tells me I made too much $ last year which explains why he projects paying more than double what we usually pay in taxes. I’m looking for a strategy or tactic to lower the tax burden for 2022.
I have:
An LLC/S-Corp (Tech services company) that owns my wife’s LLC (she does translation services on a 1099)
A Solo 401k (w/DirectedIRA) - 2022 contributions are maxed out (37k based on a 40k w-2 - I am 64 y/o)
My wife’s w-2 job has a 403b plan that contributed $6300 last year
Rental house as our home - and take all the write offs possible for biz use
No rentals yet, we have a fix/flip house we’ll be selling soon (purchased last year) - owned by another LLC we have.
30-40k in cash I can allocate to some type of tax-deferred/sheltered account or investment
Thanks for your help
Dennis