<prompt> Human: Were a young family of four living in Manhattan. We dont own a home. After living from pay check to pay check on 40k and amassing student loan debt for several years, this fall, my husband and I will be earning a gross income of 280k a year. At this income level, we will be ineligible for several tax credits and deductions and will also have a sizable tax bill. Ive been reading up on how to convert wage income into capital income but got lost. Other than maxing out our 401k, what are other ways we can legally lower our tax liability? Thanks for your help!  <response>: Hire an accountant or CPA. 