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Anyone ever heard of or worked for Sygnia?
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Thoughts on Transfix? Anyone invested?
Anyone ever heard of or worked for Sygnia?
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Change your mindset? If you're paying a lot in taxes, it means you're being paid a lot and be grateful for that.
- a Californian 😎
This is a good perspective.
Seems that your tax bill is more than most people’s total income.
Set up a pension plan for your law corp?
How do you handle the liquidity gap? This is my first year on a K1, so last year’s income was artificially low and my monthly estimates this year were really low as a result. Taxes are due two weeks before my firm pays out final distributions. I’ve got to cover my tax bill and then follow it up with my first quarterly estimate. Worried about all the timing and having a liquidity issue.
That’s what I ended up doing. The tax liability didn’t end up being as bad as expected, and my firm did well, so our final distributions were a good deal higher than expected.
Invest in real estate that my wife actively manages. We do cost segregation studies and then take bonus/accelerated depreciation on those portions of the property that can be consider “personal property”. Even though the business is cash flowing profitably, we have enormous “losses” that offset law firm income. It’s phasing out 20% each year, but it’s been nice while it lasted.
Buy high, sell low?
Move to Florida.
About to move to Costa Rica and continue practicing through my firm. No CR income taxes under their digital nomad visa program. Most of my US Income excluded under the Foreign Earned Income Exclusion and Foreign Housing Exclusion. Taxes further reduced by taking the standard deduction and maxing out our 401ks and HSA. Receive an annual pre-tax profit sharing contribution of $45k. All in all that’s about $400k of income before we start paying taxes.
Real estate. Contact me if you’re interested in investing in real estate, you can make a lot of money in real estate and save a lot in taxes as I did for many years. Also donate appreciated fine art just follow all the steps. Get family involved in your business. There are so many ways.