So 2015 was a solid growth year for my businesses. With growth unfortunately has come more $$ put into taxes.
It's at a point now where my tax bill is now greater than what many of my friends actually earn in year.
We switched to an S corp in late 2014 and I hired a CPA. I think this is helping but to be honest I don't know if she's doing everything she should be doing. I don't know if she's got the best strategies etc. I'm far from a tax expert.
We also have SEP IRA's that we're maxing out each year and personal Roth IRAs that we're using. Beyond business write offs, personal real estate/homeowner write-offs, and IRAs I'm clueless.
I know there are lots of you folks who are building big businesses and smartly avoiding the plague...um...I mean tax bills.
Does anybody have any advice or strategies they've used to shelter their income and significantly lower their tax bills?
Appreciate any thoughts or suggestion in advance.
It's at a point now where my tax bill is now greater than what many of my friends actually earn in year.
We switched to an S corp in late 2014 and I hired a CPA. I think this is helping but to be honest I don't know if she's doing everything she should be doing. I don't know if she's got the best strategies etc. I'm far from a tax expert.
We also have SEP IRA's that we're maxing out each year and personal Roth IRAs that we're using. Beyond business write offs, personal real estate/homeowner write-offs, and IRAs I'm clueless.
I know there are lots of you folks who are building big businesses and smartly avoiding the plague...um...I mean tax bills.
Does anybody have any advice or strategies they've used to shelter their income and significantly lower their tax bills?
Appreciate any thoughts or suggestion in advance.
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