Tax Strategies for High Income Earners to Help Reduce Taxes

This video covers 11 tax strategies for high-income individuals and families to help reduce taxes and keep more of your hard-earned money with you and your family. Whether you are a high-income earner looking for tax strategies to reduce your tax bill or you have maxed out your retirement accounts and just wondering where to save your surplus in the most tax-efficient way, this video will provide actions to help both your short-term and long-term tax bills
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Website: sierensfinancialgroup.com/
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As your income rises, your tax rate rises. When this happens not only is your income being taxed at a higher rate, but you will also pay a higher tax rat on any interest, dividends and gains that you have in non-retirement accounts. One of the challenges becomes how to reduce taxes for high income earners. In this video, I cover 11 tax saving strategies for high-income earners.
1. Strategies in utilizing retirement accounts
2. Strategies for Investment in non-retirement accounts
3. Contributing to a Health Savings Account
4. Deferred Compensation Plans
5. Contributing to 529 Plans
6. Utilizing Tax-Deferred Annuities
7. Choosing the Right Business Structure
8. Utilizing Life Insurance that Builds Cash Value
9. Investing in Real Estate
10.Charitable Strategies
11. Gifting
#HighIncomeEarners
#TaxStrategies
#ReduceTaxes

[@daveray6335]

1. Retirement accounts
a. TSP
b. Roth IRA
c. Backdoor Roth
d. After tax TSP
2. Investments in Taxable Accounts
a. Short term (1yr) focus
b. Tax efficient funds (individual stocks, ETFs, not mutual funds)
c. Growth focused
d. Tax exempt interest (municipal bonds or municipal bond funds)
3. Health savings account
4. Deferred compensation plan (if your employer offers this)
5. 529 Plans
6. Tax-deferred annuity
a. you will pay ordinary income tax when you tap into this
7. Business structure
8. Life insurance that builds cash value
a. can take a tax-free loan later on these
9. Invest in real estate
a. use it to increase deductions via depreciation
10. Charitable contributions
a. Donor-advised fund
b. Gift appreciated stock
c. Qualified charitable distributions (QCDs) (give part of your IRA distribution to a charity while in retirement)
11. Gifting
a. to heirs early, rather than waiting until death

[@manuelalvarez8230]

Oh my goodness thank you!!!!

[@khongcolong]

Thank you! Excellent content.

[@cindyhardi]

Thank you for the info!

[@josephinebardot8403]

Thanks for all the detailed information you have provided in this video. I like your way of explaining every point. Keep sharing such great videos in the future also.

[@SierensFinancialGroup]

Thanks! Glad that you enjoyed the video and found it to be of benefit!

[@user-jk8mr1so3k]

Great summary of bigger picture for high income earners ! Thanks a lot for creating and sharing this video.

[@lunamorris2091]

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

[@douglashart5059]

This video is very helpful! Thank you for your time!!

[@carolinaespinoza154]

Such a great, concise video. Easy to understand, but not as easy to swallow. It would be easier to follow if you could include more bullet points along with your verbal explanation for reinforcement and to keep the listener engaged. Again, Loved the info!

[@SierensFinancialGroup]

Thanks for your feedback!

[@PriyankYagnik]

Great summary of bigger picture for high income earners ! Thanks a lot for creating and sharing this video. 👍

[@therealrichot]

Fantastic overview!

[@090usa]

Great information! but it is very hard to digest. Can you please put some sample numbers and explain on board in your next video, please.

[@ponnusamy1]

Great video!! Very valuable

[@disavvynurse8858]

Awesome video. Thank you 🙏

[@SierensFinancialGroup]

Glad that you found it to be of value and benefit!

[@marianagirgis2083]

Guys you are answering the easy question. We need to reduce our tax on the little income that raised and will obstacle our kids from taking full scholarship … and this income is needed, not extra to throw it away in a retire plan

[@TheQuickyouknow]

If you make enough to worry about your tax bill then you make enough to put money away in a ESA or 529 to save for your kid's education.
The average person who qualifies for FAFSA effective tax rate is less than 10%.

[@hremaddox]

Amazing video! I really want a HSA but my employer doesn't offer one. Is there a way to get one as a private person?

[@johannaguzman9521]

What type of life insurance do I need to get? Do I also need health insurance? If I buy a school, will my taxes be lowered? For charity...what if I make my own charity or buy stuff from a thrift store and "donate" it within a month or two...would that count?

[@mlee9049]

Hi, in regards to the tax-deffered annuity, is this also ideal for a small business owner that wants to reduce taxes? I'm interested in learning more, Thank you.

[@scallahanco]

an annuity will not reduce your income taxes in the current year, only (potentially) investment taxes (capital gains) or taxes down the road.

[@outdoorsnevada4138]

wife and I just entered the next tier tax bracket. we went from 80k a year to 103k. can you say ouch on taxes this year. you make more but government takes so much more. sigh.....

[@conlawmeateater8792]

Donatebto your local church. 60% of your adjusted gross income off.

[@outdoorsnevada4138]

@@conlawmeateater8792 so my options are robbed by the government or robbed by religion...

[@pileusdag6461]

Yeah bro i feel the pain wife and I are going to be doing 300k next year... the past 2 years we made 180k .... The IRS is the MOB

[@danielleon5074]

@@pileusdag6461 Are you and your wife W2 employees or 1099 ?

[@outdoorsnevada4138]

@@pileusdag6461 Facts

[@lakbirmo4540]

Thank you very much for your help , I’m self employed driving for Lyft and Uber . I don’t have any collateral or assets beside my car and my furniture… when I received the invitation for the loan increase ; I did apply and received the increase and this is the second time I’m receiving the increase , after the original loan from last year . When I opened my loan account portfolio today : I found the blue box , sending me an invitation asking me for the increase up to $198K . My question please; can I get the whole amount even though I don’t have any collateral ? God bless

[@jaym.4611]

Did he say his name is scat?

[@johnsanford8026]

Get outa here with that

[@PierreFromCanada]

your Video title should mention "for US citizens"!!! takes a while before I figured out this wasn't for me....

[@randymuller8728]

Good stuff but we are screwed either way.

[@user-vj4cg1jz7l]

Good gravy ads

[@Bill0102]

This content is exceptionally well-done. A kindred book was a transformative read for me. "Mastering Money Mindfulness" by Benjamin Hawk

[@nikhilgandhi01]

I am sorry but your analysis on MF taxes is completely wrong. One doesnt pay any taxes on Mutual Fund units until the units are sold! It doesnt matter what the fund manager is doing behind the scenes to generate returns on the fund.

[@tbowers581]

you do if it's not in a retirement account. any time a fund manager sells one stock to buy another, if that sale generates capital gains, it is a taxable event

[@thetruth3514]

@@tbowers581 when you sell it taxable event regardless if it’s a gain or loss.

[@user-qe1gi9hp7y]

Zero value all of know these things

[@LuisluigiTexas]

Too much bs to get to the point man

[@jeancrabtree3819]

this guy talks in circles im done

[@reyanddad2402]

Too much BS, cut the nonsense man.

[@drigocrews]

lmao. what's your strategy?

[@richard9827]

High income earners don’t need to be talked to like newbie’s.

[@ParkerEdwardsParties]

Holy ads Batman