New K-1 partner looking for advice to minimize taxes

[Res Ipsa]

ANY strategies for tax savings are appreciated!!
Details: (omitted)

[SeattleCPA]

Some comments to get you going...

1. I am a GIANT booster of DIY tax preparation, but if your law firm is multistate, you probably want to look at having a local CPA do your return. The multistate stuff gets complicated fast. Easy to miss opportunities. Easy to make mistakes.
2. Remember the unreimbursed partnership expenses opportunity...
3. You and your spouse probably want to be aware of the real estate professional "loophole" which sometimes at some point people in your situation use:

http://evergreensmallbusiness.com/real-estate-professional-loophole/

[Res Ipsa]

Thanks Seattle CPA.  Yep, multistate.  Already have a CPA, who does a good job with my quarterly estimates/forms.   But I've mentioned several times I'd like to come in and do some tax planning (offering to pay her hourly rate of course) but she seems too busy (or just not enthusiastic about the idea).  I think she's more comfortable just doing the forms.  Or maybe I really need to sit down with a financial advisor (who doesn't sell whole life  insurance, ha).

[Bruinguy]

Good topic. 

The only idea I have for you is back door roth contributions.  Doesn't save taxes now, but will later.  If you have traditional IRA accounts, you can look to see if your 401(k) administrator will accept a roll-in of the traditional IRA accounts.  Similarly, you can look into mega-back door roth contributions to see if that is available to you.  If I recall correctly, that also has to do with the rules of your 401(k).

Oh, and be diligent and thorough in identifying and tracking business expenses. 

[Res Ipsa]

Thanks for the response.  I'll have to google back door contributions.  Still don't completely understand them.