Tax saving ideas

[csrcsr]

Common practice 401k maxout, house mortgage interest, inka kavali ante Roth, 

[thanks]

33 minutes ago, csrcsr said:

Illu konuko

Yea done last year

[csrcsr]

7 minutes ago, thanks said:

Yea done last year

Mortgage interest will get you to the itemized deductions kada bro , 401k max out cheyi , ink hsa etc etc untayi relax njoy cheyi kattedi elagu tappadu, not sure if yiur kids are Olde you can save for college fund is tax free

[HtmlBro]

On 5/14/2021 at 2:29 PM, Raazu said:

Some people do itemized deductions.. Anni one year gas bills grocery bills anni enter chestha koosuntaruu..

 

I always go with standard deds.

Grocery bill and gas bills veyakudadu annai. It's vadu nee inteke vastadu.

[HtmlBro]

On 5/14/2021 at 4:38 PM, thanks said:

Yea both working

If Both working eddaru Roth ke opt cheya Kandi. One should choose traditional and another should choose Roth.

 

401k mani misconception ente ante tax kattamu ani. It is all about when you are paying taxes. With tradition nevu eppudu tax kattavu kani when you are with drawing you have to pay taxes on that money. Roth is other wise nevu 401k lo ese money meda eppudu tax kadutavu and with draw chesukune tappudu kattavu.

[TechSri]

On 5/14/2021 at 5:39 PM, ForEverJava said:

40k if wife n husband contrbute to 401k also if not ira n roth backdoor contrubutions..

Hsa account i think 3 to 5k ..property taxes 10k writeoff..mortgage interest.. Fsa daycare accounts if u have small kids and also fsa health accounts if u have any medical needs with high expense.. 

Also w4 fill up properly year begining ..if possible add extra withholding every month so no hefty payment year end.. kids 529 add as well 10k..

Donations salvation army or good will n charity..

Thats all i can think off..

FSA Day care account? I did not know. I am paying Day care fee but dont have any FSA. Can i take in the middle of the year. Can i do anything while filing taxes after year end. Contracting chestunna. 
 

HSA amount unlimited years ki roll over ayitada. 

[Unityunity2]

2 hours ago, TechSri said:

FSA Day care account? I did not know. I am paying Day care fee but dont have any FSA. Can i take in the middle of the year. Can i do anything while filing taxes after year end. Contracting chestunna. 
 

HSA amount unlimited years ki roll over ayitada. 

Yes HSA is rollover plan 

[Shameless]

On 5/14/2021 at 4:23 PM, thanks said:

Cheppandi.. every year uncle Sam account khali chestunnadu

Adopt 1-2 kids bro...

[TechSri]

3 hours ago, TechSri said:

FSA Day care account? I did not know. I am paying Day care fee but dont have any FSA. Can i take in the middle of the year. Can i do anything while filing taxes after year end. Contracting chestunna. 
 

HSA amount unlimited years ki roll over ayitada. 

FSA day care account year starting lo did not take. Day care ki paying. Can i do anything now in the middle of the year or in tax filings 

[SwamyRaRa]

Ltt

[sri_india]

40 minutes ago, SwamyRaRa said:

Ltt

ivvanni time waste yavvaralu sir .... okatee option , mee employer ni cash ivamani cheppu , no payroll run ani cheppu , tax kattaku 

[Moon_Walker]

On 5/14/2021 at 5:39 PM, ForEverJava said:

40k if wife n husband contrbute to 401k also if not ira n roth backdoor contrubutions..

Hsa account i think 3 to 5k ..property taxes 10k writeoff..mortgage interest.. Fsa daycare accounts if u have small kids and also fsa health accounts if u have any medical needs with high expense.. 

Also w4 fill up properly year begining ..if possible add extra withholding every month so no hefty payment year end.. kids 529 add as well 10k..

Donations salvation army or good will n charity..

Thats all i can think off..

Can you explain 529 plan above? I dont thin u get tax benefit on it. It is after tax contribution.

[SwamyRaRa]

Ltt

[ForEverJava]

7 hours ago, Moon_Walker said:

Can you explain 529 plan above? I dont thin u get tax benefit on it. It is after tax contribution.

No it's tax saving on state tax if you live in a state that has state tax..if u invest state 529 plans..hope that's clear ..

 

Check this link for understanding more ..

 

[ForEverJava]

https://www.savingforcollege.com/compare-529-plans