To Tax or Not To Tax?

[Brendan Lawrence]

Tis the season for taxes! And here I sit wondering how the heck to go from here....

I’m a self employed contractor with MANY areas that I can deduct in come tax season. Obviously I want to get this income number as close to zero as possible. But then again, I probably won’t qualify for a mortgage if I do, correct?

This all makes sense to me, however if one of the main benefits of owning rentals is to save on taxes, then how does this balance out? If the millionaires of the world claim to pay little to no tax, how do they get loans? If i write off anything and everything and say I “netted” $15k, but let’s say I actually made $100k, how do folks transition from this area of needing long term mortgages yet not kill themselves with taxes along the way?

Do I have to claim to be a high income earner until my ten mortgages have been acquired and then I have enough assets to borrow against that my income won’t matter as much?

Any wisdom is appreciated! Thank you!