2745327
I work and have a high salary (6 figures), no kids, not married, rent and no debt. I usually pay around 20k in taxes. Any tips, suggesting, changes to help reduce tax payment next year. Open to property purchase, purchasing stocks, increase 401k, increase donations, etc.
You'll need to sign in or create an account to connect with an expert.
Hello, this is a very broad question so I have shared a resource below that I think you will find useful. Not everything will be applicable for you - you may want to choose only those ideas that are practical for you and that you can implement.
Hello @chica0533 !
You have mentioned all of the traditional ways to increase deductions, thus reducing taxable income. I will address each:
For taxpayers in your situation, mortgage expenses and charitable donations make up the vast majority of itemized deductions, so that is where you should focus along with taking advantage of any and all pre-tax deduction programs offered by your employer.
I hope this helps you!
All my best,
Adam, EA
TurboTax Live Expert
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
shanesnh
Level 3
ljb322
Level 2
amyb5984
New Member
JTMyers8642
Returning Member
x9redhill
Level 2