How to pay zero taxes on $1 million w2 or salary income- case study
Is there a legal way to pay zero taxes on $1 million of w2 income ? Can it be done by the end of the year? Real life case study of an engineer out of CA in his mid 40's with two kids and a great job at Netflix making $1.2m of w-2 salary income each year. He has already maxed out his 401(k), Health Savings Accounts, and other tax deferred vehicles. Is there anything he can do to legally reduce taxes on his $1.2 m income without exposing his money to crazy risks in the oil market, strange energy credit or mineral programs or sketchy solar projects? His 2024 taxes without tax planning = $400k. We put our thinking hats on and shared one of our favorite Supercharged Roth IRA conversion tools to reduce ordinary income: Section 179. When it is all said and done, $400k in taxes is saved this year, net take home savings of $130k and a lifetime potential benefit of over millions of dollars. His comment to me was that if he had a choice to decide what happens with his money vs trusting the government to spend wisely he will choose himself. Well said. Learn about the unique provisions of section 179 as it related to how you to can reduce $1 million of taxable income to zero. Time tested. Solid tax law. No tricky accounting or projections. Click on the link to subscribe. Click on the link to schedule a 15 overview call with a tax planner. https://calendly.com/daveanthony

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