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Personal Investments • Re: Help! High tax burden eating away at accumulation strategy

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Questions:
1. What other ways can we maximize before-tax investments? (I do plan on getting an HSA set-up this year, but any other ideas?)
If you are maxing out your 401k and IRA contributions, then I don't think so.
2. Are there other ways to reduce our tax burden? (I have tried to minimize dividends and interest payments in taxable accounts, but any other ideas?)
If you are a couple that regularly give you charity (and at your income and low tax burden, you probably should be) then you could start a Donor Advised Fund. It can be a way to more effectively time your giving to get the max tax benefit. In addition, it looks like the standard deduction will go back to prior lower levels in 2026 making those charitable deductions more valuable. You can give by transferring appreciated stock directly to the DAF. This gives you a tax deduction for the current value of the stock that you donate, without you having to take the capitol gains on the sale of the stock.
3. Are there alternative investments worth considering?
Unless you really feel like being a landlord, I doubt there is.

Taxes are an unpleasant, but necessary part of life. You are making a LOT of money. So you have to pay a lot in taxes. Enjoy your success and good fortune.

Statistics: Posted by WeakOldGuy — Sat May 04, 2024 12:07 am



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