Hitting nearly 100k in tax free income

[use2betrix]

Like most here, every year I aim to utilize as many tax advantaged systems I can. In 2019, I’m looking to hit nearly 100k in tax free income.

HSA: $7,000
401k: $19,000
401k Match: $12,000
Per Diem: $51,000
Travel home allowance: $6,000

Total = $95,000

Does anyone have any tips, tricks, or secrets to share? I’d imagine many self employed people can really utilize the tax advantaged benefits in far more aspects.

[SwordGuy]

I suppose if you had a business that caused you to travel all the time, you could reimburse yourself for travel expenses, i.e., your living costs.
Hmmm.    FI Blogger about nomadic FI living.  Living expenses would be work related, right?  So you could take blog income tax free up to your per diem costs?

[big_slacker]

Does anyone have any tips, tricks, or secrets to share? I’d imagine many self employed people can really utilize the tax advantaged benefits in far more aspects.

Indeed I do have a tip. Get a good CPA. Especially if you own a business. ;)

[tralfamadorian]

Does anyone have any tips, tricks, or secrets to share? I’d imagine many self employed people can really utilize the tax advantaged benefits in far more aspects.

Rental real estate income is generally nearly or totally tax free due to depreciation. There are rules surrounding the details, but speaking in generalities, you can travel to the location of your rental property/ies and spend a portion of the trip as a vacation while still expensing the majority of the hotel and flights/car rentals.

[soccerluvof4]

If you have an office at home, look into deducting that with your accountant.

[use2betrix]

Sounds like I need to buy some real estate or start my own business! We have either lived in a 5th wheel or rented the last 8 years, so if I bought a home and rented it out occasionally on Airbnb I could make trips back there be tax deductible.