How can I greatly reduce my tax burden? (+1 more Q)
The lesser important question is how to get interest on your return. I did this twice on accident because I lost the checks and then requested my refund and received interest too (>1 year from filing to check reissue, if I remember right). Is that the only way, or can one just delay filing for 2 years and collect interest too?
The more important question.... I worked in the Bakken from 2012-2015 and received a large increase in my annual income. The nice thing was I could max out my 401k and HSA which made my income look more normal... ~$74k-ish.
I'm back in the Bakken but this company does not offer an insurance plan that meets the requirements for an HSA. It recently just put together a 401k, 0 match (at this time... small new company). But... investing in the 401k I might not do. I'm viewing it as an opportunity cost (taking $18k away I could put to other investments). I also received an increase in pay from my previous company.
My tax liability will likely change from ~$11-13k to ~$30k or more. I'm assuming my year end income will be >$130k. What can I do anywhere, anything to reduce my burden?
The 401k will only reduce it ~$6k-ish... what else? Investment real estate? Solar on investment real estate? Googling tax breaks gets me info like tuition write offs, savers credit, student loan interest... things I can't use because of my income level (or because I'm not in school).
Several of my coworkers have been audited because they were told to write of their miles to/from ND (and hence own thousands).
Does having a CDL that is needed for this job provide any benefits (as an employee, not owner operator)?
I'm looking to create income streams and not afraid to do additional investments (money spending) to help reduce my burden. Doing investment real estate and buying slightly distressed properties I can write off repairs, yes?
Thanks for your advice.
(Oh... I also have never itemized deductions... something I will have to educate myself further on)