Tax Benefit for Higher-ish income earners

[Jeremah Graupman]

Let me start off by stating, I'm sure this question has been posted somewhere on this forum, but I cannot find the answer I'm looking for. My wife and I file taxes jointly in excess of $300,000/annually from our W2s and another $50,000+ from businesses. We currently have two rental properties, both owned in our names not in LLC. We are ready to move forward to begin acquiring more properties, but I am wondering what has everyone done in order to minimize taxes for their real estate? I see these "guru's" saying they don't pay any taxes or little to none. I prepare my taxes myself and cannot find a way to reduce my tax burden through real estate. I'm definitely naive on the tax side of things and we are about to begin talking with tax strategist to best maximize our deductions. I also am aware that we are increasing our net worth through real estate, but we are paying so much in taxes and cannot claim the renovations or improvements on the properties we own due to our income. We are looking at the compound asset acquisition and also using the short term rental loophole for our future properties and likely moving my wife into the real estate professional position while I remain at my W2 position.

To sum it up, I would like to know what higher income W2 earners are doing in order to help offset their W2 taxes or if there is a way?  We are also interested in knowing people's experiences utilizing tax strategists.  We are quickly moving that direction as there is obvious value in using them. 

Thank you and really enjoy this group!