Saving money on taxes as a highly compensated w-2 employee means you ...

If you earn a lot of money on a W-2 and you're wanting to save hella money on taxes, here's what nobody's telling you. I've been a CPA for nearly 20 years now. When somebody who earns a lot of money on a W-2 contacts me and they say, Megan, I want to save money on taxes, I ask them two questions. The first question is, do you want to invest in real estate? And when I say, do you want to invest in real estate, really and truly to get the best tax benefits, you're going to have a mixture of a short-term and long-term rentals, and short-term rentals are things like Airbnbs. And if the taxpayer isn't really keen on investing in those types of things, then we move on to the next question. The next question is, do you own a business or do you want to own a business? Now, owning a business can be different things for different people. For some people, it's having an Etsy shop. For other people, it's having a consulting gig on the side. And I started my accounting firm while I was still a highly compensated W-2 employee. So it's a really great opportunity to take control of your life if you have that entrepreneurial spirit. But some people will say to me, Megan, I don't really want to own my own business. I don't want the headache of that. I know that comes with a lot of different things, so I'm not truly interested. So if you answer no to both of those things, then the available options to save money on taxes are going to be quite limited. What I would be looking for as a professional at that point is making sure that you had all the itemized deductions that you were entitled to, that you understood those types of strategies. But to save the big bucks on taxes, you got to own real estate or you got to have a business. So if you want a CPA that's going to shoot you straight, head to the top of my page, get on my email list, and we will keep you updated.