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Reply to "New job and way more money"
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[quote=Anonymous]I disagree with folks who think OP's potential tax questions are limited to W-2 numbers. If stock options or RSUs are involved, for example, then there might also be a choice about an 83(b) election or other kinds of tax decisions. If investing, there are significant tax differences between buying (for example) Berkshire-Hathaway and holding it long-term vs buying mutual funds or buying/ selling/ trading stocks (the last of those is where tax loss harvesting sometimes might apply). When I was in the situation OP described, I consulted a CPA. It saved me a pile of tax - without giving up returns - by maximizing my investments that got taxed as capital gains and minimizing my investments that got taxed as ordinary income. The 83(b) election transformed options that would have been ordinary income into capital gains. Capital gains tax rate is generally lower than ordinary income tax rate - meaning less tax owed. [/quote]
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