If you have a high taxable income you will probably have quite a bit of success doing this.

There are many, many types of trusts, each drafted with a given set of objectives: privacy, asset protection, tax avoidance, charitable remainder trusts, generation skipping trusts, beach bum trusts, etc.Also, you need to be very specific as to the taxable events.

You can take money from the business as a distribution which might be taxable as income but not as a paycheck therefor avoiding the Social security taxes.

@Luisito EspanolaIf you are self-employed with no employees, look into opening a solo 401k as it will allow you to reduce your taxable income by as much as $53,000 or $59,000 if you are age 50 or older.

The title company wired all the funds to my name vs. splitting accordingly.Example #s)My tax burden: $10,000 Profit - $3,000 Partner = $7,000 my taxable income x 30% = $2,100. 

As tax season is approaching, I'm trying to find more ways to reduce my taxable income to get down to the more favored brackets.If I have passive income (rent) coming into an LLC, can I pay myself a management fee to count as income to invest into the solo 401k?

My income is a flat 22,500 Ssdi not taxable.  

Well rental income would be taxable normally anyway so there is no real harm done,

As a general rule, any income earned from sources within a non-residence state is taxable income in that state, as well as in your state of residence.  

(if you can't take a slight loss find every deduction you can in the book and record the items and then sell the property to lower your taxable liability.)Then take those proceeds and use it to pay off the other 2 properties!