/biz/ - Business & Finance

>40
>550k house, 90% paid off
>$450k 401k
>$50k Roth
>$130k 529 College for 3 kids (8,5,2 y.o.)
>$10k Checking
>$95k Brokerage account
>Married to an only child daughter of one of Minnesota's largest family run/owned farms (1000+ acres + house, 300+ pigs, 100+ cattle, $2M farm equipment, land fully owned)

Still think I could have done better with my time. Got taken in a scam in my mid twenties for $18k and had a side hustle business fail.

>>21628396
Well,once you are super rich, this is good advice.

For most normal tier /biz/ anons, here are some good tactics for some nickel and dime tax savings:

(a) expense your vehicle for work. sure they say you can't have commuting miles for tax deductions, its really easy to explain work functions for miles
(b) if your business has any kind of delivery service (i.e., customer paying for delivery of physical goods) and your vehicle has now been used "for hire" and it qualifies for a huge tax savings on that vehicles costs for years. Its fucking crazy actually.
(c) home office. take biggest room in house and call it home office. divide all your expenses by square footage for year, and your big screen TV, electronics, computer, etc can all be assigned to that. easy money in covid times for normies. extremely difficult for tax man to prove you didn't use it for home office. tragically common so audit risk is low.
(d) cell phone, gas, parking. say all of it is for business purposes. again, extremely difficult to prove.
(e) any home improvement or maintenance? expense that shit anon. gardening company? you get the idea. you get audited? Call a customer and invite them for lunch at your place to meet family. Congrats ! Your home offices appearance is now part of the corporate food chain.
(f) fill out your w4 so that you have like 200 dependents so you pay estimated tax instead quarterly. Sure we are not talking big money, but I can make more money on the $8k fed tax they withhold in 4 months dollar cost averaging stocks than any kind of tax penalty for doing so.

None of this will get you nigger-in-a-rap video rich kids, but it sure helps. Before Schlomo Trump capped itemized deductions, I was claiming like $60k per year in "business expenses" that if audited (never was) I could easily get out of. Now I'm capped at $24k. Fuck you Trump.

>>20005167
>A person born in 1898 might have fought in two World Wars, the Spanish Flu and the Great Depression.
>Your chainlink did not go to $1000 EOY.

Yeah, I agree. You had it rough desu.