The Top 5 Ways to Reduce Taxes on W2 & Active Income
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Although many tax-saving strategies are geared towards business owners, it is still possible for W-2 employees to implement a variety of techniques to save a substantial amount of money in taxes.
In this video, tax expert Karlton Dennis breaks down five of the best ways to reduce taxes on W-2 and active income. He covers real estate investing-based strategies such as qualifying for real estate professional status and using the short-term rental rule. The short-term rental rule involves renting property for 7 days or less as opposed to renting it out for a longer period.
Additionally, Karlton also explains how charitable donations and certain tax-advantaged retirement accounts such as traditional 401ks can be used to lower a tax bill. This video is helpful for anyone who works a W-2 job but wants to lower their taxes.
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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