As a W-2 employee, you don't have a lot of options for reducing your taxes. The two primary options available to you are forming a business or investing in real estate. These are the channels that can significantly reduce your tax burden.
The simplest approach is to create a micro-corporation around yourself. This doesn't require starting a brand-new business, as you are typically already performing the work. By forming a micro-corporation, you can take advantage of all the tax benefits associated with it.
For doctors, creating a micro-corporation is the best tax move they can make. By finding ways to incorporate this into their lives, they can maximize the tax advantages and save a significant amount of money.
So, if you're looking to reduce your tax burden as a W-2 employee, consider forming a business or investing in real estate. These strategies can make a big difference in your financial situation.
Tod Stillson is a family physician, entrepreneur, and Amazon best-selling author of Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy.
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