Hey Guys , My names Mike and I currently live in Wilmington , NC . Ill be posting a few questions but I'll start with this one .Please forgive me is spelling or grammar is unreadable
I own a couple of businesses that have their own LLC ( S Corp ) , along with a few properties that also are in their own LLC . My business does well , and my properties bring in an ( Ok ) return for the moment . The business brings in the bulk of income and then the properties supplement it a little but nothing crazy . I have a CPA that I've been with 3 years and is ... ( Ok ) He never mentioned he specialized in real estate or anything like that but I've asked him questions before on how to do this and what to do here and there just to see if I can eradicate a good portion of the taxes . I won't give real numbers but ill say that I play close to 90K in taxes on my return , based on roughly 300k in income . I would prefer to stop paying that amount of taxes or lower it substantially . I understand I need to state more info for people to really be able to comment and advise me better . What first steps would you recommend I do to lower this ?
Hire New CPA ? how to find the right one ?
Structure business differently ( currently S Corp )
Purchase equipment for business ?
Maximize 401k and IRA ? I'm not a big fan of these
There is so many questions I want to ask but ill keep it simple and just start with what I mentioned above . Thanks
