Tax Time Killed My Profit?
I just got my taxes done for the year and it sure was alot of money to pay Percentage wise in relation to what I made, is there is any way or steps I need to take to ease the pain next year NOTE: I had everything in my own name, I was told S-corp for quick flips and LLC for the holdings for a longer time properties,?? any ideas and suggestions would be great, :-? and can I do anything about this year before I mail the checks? :-?
i dont know but i just did my taxs and my accountant and i beat up on the IRS pretty good. it might help that my main source of income is my real estate buisness, so i didnt get hit with capital gains.
get a good acountant is my best advice.
i believe there is a tax strategy forum you might get better assistance posting there.[ Edited by ZinOrganization on Date 03/01/2005 ]
If you have sufficient profit say greater than $1000 you might want ask your accountant or tax attorney to see if there are some more "creative" tax shelters in which the participant.
Dave---I thought I would re-hab and rent sect-8???Or maybe flip right away to some one with a small army of workers use to area?? When I buy I will have tax claim deed------What do you think?
Thanks, Dave