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Updated about 12 years ago on . Most recent reply

Larry Flanagan's profile image
Larry Flanagan's profile image
Larry Flanagan
  • Investor
  • from Midwest, USA
  • Member since May 31, 2012
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204
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Larry Flanagan's profile image
Larry Flanagan's profile image
Larry Flanagan
  • Investor
  • from Midwest, USA
  • Member since May 31, 2012
Connect
Larry Flanagan
  • Investor
  • Midwest, USA
33
Votes |
204
Posts
Tax, SDIRAs & Cost Segregation

Reduce income tax bill

Larry Flanagan
  • Investor
  • Midwest, USA
Posted

Besides making less money, what are some good ways to reduce my income tax bills? I mostly flip & wholesale, so my income is primarily taxed at short term rates. Between state & federal last year my tax bill was over $50,000. What IRAs, 401k, SEPs, 529s, etc should I be utiltizing? Buy a rental property with high depreciation? Any other ideas?

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