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Updated over 5 years ago,
How can I lower my taxable income
I recently bought a house in August that I will be flipping. I am looking at making around 90K to 80K before taxes. This will most likely put me in the 24% tax bracket but I am close enough to falling into the 22% tax bracket if i can some how figure out a way to lower my taxable income. I am looking to use the proceeds of the flip to pay off a vehicle which should help with my DTI as well as my HELOC so I can do another investment. my overall goal is to pay down my debt and get some rental properties for passive income. I was wondering if anyone knew of a way I can lower my taxable income though write-offs or by starting a business? any help will be greatly appreciated.
Thanks,
Jeff