4 ms·
Ask HN: Best Ways to Save on Taxes?
I am a business owner so I have a number of ways to expense things and reduce my taxes already. I am looking for methods I have not heard of to reduce my taxes further. Some ideas I have heard of:
-Keep your salary low if you own the business. Bezos paid himself $80k a year.
-Expense personal stuff that touches on business.
-Max out your retirement accounts
-Hire your kids to do legitimate work, zero tax on the first $14k.
-Living and working in a state with zero income tax if you can work remotely saves a huge amount of money
What other ideas do you have to save on taxes?
- johng 10mo agoHire a great accountant that is versed in not only your state laws but also your particular business type. Their advice should save you much more than they cost you.
- asdefghyk 10mo agoRE "....Hire your kids to do legitimate work, zero tax on the first $14k....." What is the benefit of that? That is unless you control / influence the spending of the child's earned income which would make claiming a tax deduction not legal ....
- silexia 10mo agoI want my money going to my kids anyways.