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Updated almost 2 years ago,
Good tax write offs for high income?
Besides the obvious write offs: gas, home office, etc. What are some of the worthwhile things you have bought that have a huge write off? At over 200k/year, with the progressive system your top end income is nearing 50% (unless you live in a tax free state). What are some unrelated or not so obvious things you have purchased or setup that were worth the write off?
-I haven't really looked at the rebates on solar or other green purchases to see whether the deduction is very high on these anymore.
-I guess this one is real estate related, but if your set up your own property management company, and you manage your own properties you have a whole new set of concurrent write offs.
-section 179. New vehicle (truck). I assume most of you don't do your own construction, but for me this means the justification of a nice trailer or piece of heavy machinery (which i will actually use a lot for my business).