How to Reduce Taxes as a High Income W-2 Employee

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There’s a common misconception that tax deductions and savings are only for entrepreneurs. However, by understanding the tax code, even W-2 employees can reduce their taxes significantly. In this video, we break down the top strategies to save on taxes, including creating side businesses, leveraging investments, and using advanced strategies like oil and gas investing, charitable deductions, and solar rentals. Learn how to legally minimize your taxes and maximize your wealth.

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Chapters:
00:00:00 - Introduction and common tax misperceptions
00:00:09 - Tax savings opportunities for W-2 employees
00:00:23 - Reducing taxes on your 1040 form
00:00:54 - Creating a side business to access deductions
00:01:11 - Charitable tax deductions explained
00:01:25 - Tax-advantaged investments and vehicles
00:01:52 - Leveraging assets for tax savings and wealth creation
00:02:20 - Real estate investing for tax benefits
00:03:00 - Oil and gas investing for tax write-offs
00:05:00 - Advanced charitable strategies for tax savings
00:07:00 - Leveraging solar rentals for bonus depreciation
00:09:45 - Long-term real estate tax deductions
00:11:55 - Qualified Opportunity Zones for tax-free gains
00:14:00 - Passive investment vehicles for wealth growth
00:20:00 - Closing thoughts and next steps