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Updated about 11 years ago,
Am lost on taxes and accountant seems too busy for me
With year end getting close I am trying to figure out what to do with my businesses to minimize my taxes. Cash is king. Can someone please help me. The online tax calc seem to not line up with my calculations.
He is me.
I come up with the following.
Married with 2 kids in grade school. Wife does not work
Own my own house with mortgage.
Normal job 106k/year
Rental income 1k gain
Short term capital gain 50k
Long term capital gain 200k
Separate business, 1 k gain but bought 87k if equipment. Should be able to write off 100% this year of all of it. So my account says.
After itemizing and realizing the loss in the business, I should have a tax credit of around 30k
The short term is = 10% * 17,850 + 15% * (50000-17,8500) = 6,900
The long term is = 15% * 200,000 = 30000
So after my tax credit I should owe the fed less than 10,000
State will be 250,000 * 6.8% = 17000
So my total hit will be around $25,000
Did I do this correct?
Also - Seems like I should not buy much more this year since my tax bracket is already down in the 15% range in normal income.
Thanks,
Bob