Tax advice. Biz I am in a upper tax bracket. Over 150k a year.

Looking for similar advice. I make 200k and pay like 65-70k in federal and state taxes, it's fucking ridiculous.

>>1181848

It's a rough club we are in buddy. We get fucked for doing good.

Move to a state without income tax, that'll help you a lot. Also invest a ton in your business, or start a second business that just has to break even, so the things you wanna buy are "expenses". Just do it so its legit/legal.

I did the above and paid $4k total, including CPA fees, on the $108k i made through my LLC last year. Pretty dope.

I'm surprised LLC works as a loophole. How does that pan out when you are filing taxes? Wouldn't filing personal expenses under a company raise eyebrows or is this a legit company that you total some of your personal expense to?

Currently using wash method. IE selling stocks(penny) stocks on low for loss and weigh in with profit from portfolio. Buy back once stock comes down again at the end of 30 days, repeat. There's risk that the wash goes to hell and you might take a real loss, but a small amount of time into research usually gives you a 85% confidence it bounces back or folds.

Bumping for more knowledge

Are you people actually running a legitimate business? How do you lower taxes on a salaried position? I already dump the max into my 401k, backdoor Roth IRA, and HSA. I haven't had any of my investments drop significantly enough yet to harvest their losses for deductions. I am single, and don't plan to get married or have children. Am I just going to constantly get fucked by the IRS?

Self Directed IRA

IRA invests in your LLC stock
Tax free/deferred gains.