Tax Smart Real Estate Investors Podcast
246. How To Legally Reduce Taxes on W-2 & Other Active Income
Nov 7, 2023
Learn about effective strategies to reduce taxes on W-2 and other active income through real estate. Understand the risks of relying solely on tax benefits from short-term rentals. Discover how solar credits can offset tax liability on rental properties. Explore major income offset strategies and the benefits of becoming a private client for tax advice.
26:36
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Quick takeaways
- Tax deductions and tax credits are essential strategies for reducing taxes on W2 and active income.
- Investing in working interests in oil and gas can generate significant losses to offset W2 and other active income.
Deep dives
Tax deductions versus credits
Tax deductions reduce the amount of income you pay taxes on, while tax credits reduce the amount of taxes you pay. Deductions and credits are key strategies for reducing taxes on W2 and active income.
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