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Reply to "S/O American Dream. Would $500-750k HHI be enough for this lifestyle?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We earn about $700k and pay over $300k in taxes. [/quote] You need a better accountant [/quote] There’s no hacks to save on W2 income at this level unless you invest in oil rigs (dollar for dollar deduction, incredibly risky and very hard to break into), or your spouse goes FT into real estate managing rentals you have, and/or you buy investment property and capture the depreciation to write off your W2 income. The fact is $700-1M HHI via W2 only isn’t worth the risk for the strategies above - they don’t make enough to buy a $1M quad-plex or to give up the spouse’s income to make $50K in real estate annually. It starts to make sense as HHI crosses $2M+. [/quote]
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