95%+ of my annual income comes from my W2 as a high performing individual contributor. I hate that I feel so powerless to the tax man and the 30-40% of my check he is taking.
Are there any good ways to drastically lower my taxable income in a W2 scenario?
If I created a business on the side would there be a way for that business to lower my taxable W2 income or would it just reduce the income generated by the business? Honestly just looking for anything I can do.
I have a 401k but kind of don't like contributing because I plan to retire well before 65 and don't want money to be locked up. Same with an IRA.