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Post by krashpd on Apr 10, 2011 12:18:44 GMT -5
First of all, I finally registered here at proboards. I read the YM everyday but couldn't register on work computer or Ipad for some reason. I read everyday and I'll try to post more since most of the threads I find interesting. So this article is on Yahoo about a CPA that found the best way to reduce his tax burden. I can understand a lot of the benefits since I have a regular job and a side business and it has saved me taxes every year. Here is the link to the article: custom.yahoo.com/taxes/article-112485-2306a83f-c6fe-3fe5-af62-1d7e48c47870-most-tax-efficient-man-wsj |
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TD2K
Senior Associate
Once you kill a cow, you gotta make a burger
Joined: Dec 19, 2010 1:19:25 GMT -5
Posts: 10,931
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Post by TD2K on Apr 10, 2011 12:25:05 GMT -5
I saw the article this morning and need to take a better look at it. It's definitely attractive, if I remember correctly he's reduced his gross income by 75% by working less but because of his structuring his company to allow things to be written off on his taxes, his income is still about 90% of what it used to be.
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TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,211
Mini-Profile Name Color: e619e6
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Post by TheOtherMe on Apr 10, 2011 13:48:38 GMT -5
After that article, he'll probably get audited. ;D
Most of what he is doing is totally legit, but some of it borders on not being legit. I'd have to actually see the records to know.
My having a Sch C, he can write off things that as an employee would go on Form 2106, which flows to Sch A and are subject to having to be over 2% of your adjusted gross income. That usually means a lot of people don't get much tax benefit from their employee business expenses.
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