<prompt> Human: I received a pay increase which also affects my bonus payouts. My wife works a lot of overtime and may be going to salary. We both participate in 401k. I own a home and have started my own business, an S corp LLC, but I am still getting it together and have no income from it yet.Me70K Salary with 40 Bonus PotentialHer 34k hourly with a 10 Bonus Potential. She may get a bump to 38k but lets not assume that yet.Combined 104K Salary. Since my change was recently, Im not accounting for bonus.I understand that I can only contribute 5.5k pre-tax to 401k. My assumption is my wife can also contribute 5.5k pre-tax to her 401k. That brings us down to 93k liability. Standard Deduction of 12,600. 80.4k Liability.Cut off is 74,901 and I surely dont want to bonus and go over 151k. What other options do I have to reduce tax liability that would make sense? Is there a deduction to put money into a business opportunity? Thank you!  <response>: Workplace 401k limit is 18000 for each of you if under 50. It is IRAs that have 5500 limit.Once your self employment business has some profit, consider a Solo 401k or SEP-IRA, to which you can make employer contributions equiv to 20 of SE profit 12 SE tax. 