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Any advice from a soon to be landlord?
How did you get into real estate?
How many times do you drink each week?
Any advice from a soon to be landlord?
There's tax avoidance and then there's tax fraud, and it sounds like you're looking to do the latter? Either way maybe just pay a good accountant as none of the advice from posts here is going to save you from an audit if the time comes
No tax fraud here! I just get irritated there are legal ways up to $100k to pay no tax then it skyrockets up from there. That 3 trillion dollar covid package is going to cost everyone, and taxes are rising. Deductions are going down. I believe in taxation I just get irritated that I don’t have control over how the money is spent.
It irritates me too, but I don’t know how much success you’ll actually have in achieving your goals
Honestly some way to get my total taxable income as far reduced as possible. Everyone always says open an LLC but then there are income requirements to hit thresholds to have tax write offs. I think I’m looking for the idiots guide to paying the least amount of taxes while not going to jail.
Yeah.... good luck with that. Let me know how that goes haha
Salesforce, no options. Either make less. Or pucker up and pay.
Do you mean to say your business will make money, but be fully deductible to show $0 income, to the tune of $350k?
Concerned about the $3 trillion tax bill. Looking to get my taxable income down in the $10k range.
Pro tip: making less money -> lower taxes.
Yeah, Salesforce I get the frustration wife and I make a similar amount, but tax rates are still realistically low in the US
I do get frustrated that one of the biggest gaps in tax collections vis a vis European countries is the 40th to 90th percentile in income; yet all discussion focuses on solely increasing on the 95th percentile plus incomes.
One thing that can be constructive is to be really cognizant of where you are holding investment assets (I.e. avoiding interest and other ordinary income in taxable accounts).
Maybe you can figure out a geo-arbitrage play?