Many people try to lower their tax burden by either maxing their contribution to 401K or their children’s 529 plan. However this can alleviate the burden only slightly.
Unless you are buying a very expensive home and putting most of the cost of it on a mortgage, buying a home won’t help much with the tax issue. To have a mortgage big enough to really provide tax assistance is a significant financial risk in itself. This is something I wont recommend.
Your best bet, honestly, is to start a business and sink a lot of that money into the business. This is the reason people often become silent partners in businesses – the business is a tax sink for them in the short term and ends up returning a lot to them further on down the road.
Also Look for absentee businesses that you could run while maintaining your current job. Gas stations, Laundromats offer good investments for an absentee business owner. For more ideas, read into any of the business ideas previously posted!
