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Updated about 11 years ago,

Account Closed
  • Real Estate Investor
  • State College , Pa
173
Votes |
594
Posts

Am lost on taxes and accountant seems too busy for me

Account Closed
  • Real Estate Investor
  • State College , Pa
Posted

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

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