Melissa Aguila
Ways to offset my W2 tax with my passive income
Hello All,I own 3 short term rentals that I self manage and I Also own another business where I earn my w2 income working full time.My question is from my understanding, I cannot use my passive income expenses to offs...
David V.
Rental Income & Social Security
Questions for you Tax Pros out there. Will the amount of social security benefits be reduced if an individual receives rental income of let's say 80K a year. Assumptions: Social security is taken before full retire...
Mike S.
Mega back door with multiple 401k
Regarding the non deductible amount that you can contribute to a 401k, is the amount limited by your earned income in the sponsoring business or the total of your earned income?
Lets say that you earn 100k in busin...
Daria B.
Roth Contribution - 5yr rule
I found several descriptions regarding this rule - below is one description.What is the Five Year Rule?An investor can withdraw his or her contributions to a Roth IRA at any time without tax or penalty. But, that is n...
Josh Corby
Single-Member LLC Draws
Are you taxed on the money that you leave in the LLC's bank account? AKA the money that you don't draw out.
David D.
Tax Out of State Income
If I live in CA and earn income from AZ (re sale or rent income, note sale or interest income) do I pay CA or AZ state taxes? Does it make a difference if assets are owned in an entity?
Juan Lopez
Cash out 401k and Roth IRA
Hello guys:I wanted your opinion on my intention of cashing out my 401k and Roth IRA account to use the money to buy real estate. I think real estate market has better opportunities at the moment and more potential in...
Paul Roth
Do I still pay taxes if I re-invest my LLC's revenues?
I'm planning on mounting an LLC to start my first real estate investments. My plan is to immediately re-invest all profits generated by the entity, in the name of the LLC, so I pay no taxes on it. I would probably inv...
Jonathan Allen
Can I set up a 401(k) matching policy within my LLC?
Hi BP community - I wanted to know who has set up solo 401(k)s within their LLCs as a way to both reduce tax exposure and add to retirement savings? I'm looking for a way to reduce profits into year end and the con...
Account Closed
Unlocking Wealth: Leveraging Backdoor Roth IRAs for High-Earning W-2 Employees
For W-2 employees with substantial income, navigating the financial landscape becomes strategic. Understanding the nuances of Backdoor Roth IRAs can be a game-changer in optimizing wealth-building opportunities. Let...