I am in a much higher income bracket and only way I can use are 401k, mort int/taxes paid, HSA. Tried IRA/ROTH and become of the income cant get any. Are there any other?

[kart1976]

I am in a much higher income bracket and only way I can use are 401k, mort int/taxes paid, HSA. Tried IRA/ROTH and become of the income cant get any. Are there any other that you folks can recommend. I have a single member LLC. but zero income as opened in 2020 and because of nature of business unable to generate even a $1 income. Can anyone suggest me if there are any other options to decrease my taxes as in higher tax bracket and worked really hard to get to this level. appreciate the help and suggestions

[MayaD]

Did you claim your business expenses? You claim your expenses even if you didn't have any income. To be deductible, a business expense must be both ordinary and necessary.

 An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary. Irs.gov

Business losses on Schedule C can offset your other income. However, if the loss is attributed to the business use of your home (home office), then it cannot be used to offset other income. 

[kart1976]

Based on the current circumstances if I don't generate any income on my LLC for straight 2 to 3 years will it be a problem. Just opened business and unable to because of constraints and other personal issues with majority of my income earned through W2 from full time employment with other employers? Appreciate it @MayaD 

[fanfare]

why are you worried about this now?

Weren't you in a high bracket last year?

Welcome to the elite of 1 percent whom Senator Warren says don't pay enough.