Andrew Remke
Corporate Tax vs Ordinary Income on Flips
Let me start by saying I have hired a CPA, and have a future meeting set up. I also appreciate multiple voices on projects I am taking on. I am looking at establishing a new single-member LLC. I have 200k in private m...
Javier Gaillard
Federal and State Income Tax for Foreigners
As a foreigner what is the tax rate for renting property? Is there a State and Federal income tax? I know some states don't charge income tax on rentals, but you still have to pay the Federal income tax.Can you get a ...
Chris Oswald
How is rental and flip income taxed
Before I start I will definitely be talking to a CPA about this, just want to make sure I am not going into the conversation blind and have good questions to ask.To start with everything will be run through an LLC and...
John Michael Roberson
Passive Income Tax Status for New Construction?
I have been in talks with a GC in Georgia and his method of building is: He builds everything at costs and doesn't include any markup or fees, he oversees everything, I only supply funding, and we split 50/50 the prof...
John Underwood
No tax on Tips for Rental Income
So, when Trump changes to no tax on tips I feel inclined to change my rental income structure.50% reduction in rent.Previous 50% made up from a mandatory nontaxable tip. This will be for my excellent service as a lan...
Mike Becher
Newbie Question about Calculating Rental Income Tax
I recently purchased my first rental property in August of this year. I created a detailed spreadsheet to track all income & expenses. I'm curious if there are any resources I can be pointed toward to help in calc...
Sean H.
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 5...
Divya Pratap
Services Business to offset W2 income tax
I am seeking mentors and or guides to help me invest in business that can eventually help offset W2 income tax. I am trying to tabulate Business that may have higher depreciation but yet help me build wealth in form o...
Gitit Hefetz
Can I pay booth Franchise Tax Board withholding and income tax?
Hello,Hoping someone here can enlighten me. I have bought a house for myself with the intention of making it my primary resident. Unfortunately I had to sell writhing 2 years and the property didn't end up to be my pr...
Kunal Patel
Are FICA taxes deductible or only Federal and State Income Tax?
Hello,
Does anyone know what taxes are deductible through business expense? For example, if you have a W2 job and make 100K. Then you pay 24% on the 15K from the 85K to 100K bracket of your income. Adding the FICA t...