Write offs?

[Excessive Force]

so all my stuff is paid off. Fockin ex wife wont let me claim any of my 2 boys. Im paying up the *ss in taxes. Any ideas on what I can do to help out with deductions come april? House is paid off, cars are paid off, toys are paid off, Only payment I have is the Harley. Thought it would be good for my credit to keep that going since I have nothing else.

[Mandelon]

You can send me $11,000. :D

[RaceFace]

You can send me $11,000. :D
Me too!! :D :D

[Havasu1986]

I would rather have everything paid off and pay the taxes. ;)

[3 daytona`s]

so all my stuff is paid off. Fockin ex wife wont let me claim any of my 2 boys. Im paying up the *ss in taxes. Any ideas on what I can do to help out with deductions come april? House is paid off, cars are paid off, toys are paid off, Only payment I have is the Harley. Thought it would be good for my credit to keep that going since I have nothing else.
No matter the size,everything can be deducted?

[photo chick]

You could send a nice donation to my kitties;) :D Which won't help you but it would be nice....

[3 daytona`s]

You could send a nice donation to my kitties;) :D Which won't help you but it would be nice....
:idea:
THEN WHERE? back to the rat race?

[photo chick]

:idea:
THEN WHERE? back to the rat race?
I'm thinking Phoenix this time! :D

[Havasu1986]

I'm thinking Phoenix this time! :D
Closer to mom and bro. huh. :confused:

[3 daytona`s]

I'm thinking Phoenix this time! :D
AND
The Best Of Wishes Kiddo:)

[photo chick]

Closer to mom and bro. huh. :confused:
yep!!:D
AND
The Best Of Wishes Kiddo:)
Thank you!!:D

[Havasu1986]

[QUOTE=photo chick;2927052]yep!!:D
What will Ross Perot do without you...:confused: Sorry about the thread hijack. E.F. :D

[squirt'nmyload]

Closer to mom and bro. huh. :confused:
and us!!!!!!!!!!!!!!!!!!!!!!!!!! :D :)

[Excessive Force]

No matter the size,everything can be deducted?
I do construction, when im off my reg.job. Everything is cash tho. guess biting the bullet and paying the taxes is the only thing to do.

[Havasu1986]

I do construction, when im off my reg.job. Everything is cash tho. guess biting the bullet and paying the taxes is the only thing to do.
My buddy who was V.P. of Pier One Imports before he retired to Havasu at 55 with a huge house. Always tells me if your paying alot of taxes, it is good because you are making alot of money. And everything is payed off, even better. ;)

[fiasco]

Iras or new truck 100 percent write off for the buisness . college funds for the kids , donate to charitys , you also mentioned everythings cash do you claim the cash :eek:

[Excessive Force]

umm. sure...

[Havasu1986]

I do construction, when im off my reg.job. Everything is cash tho. guess biting the bullet and paying the taxes is the only thing to do.
You delete yours and I will delete mine. :D

[C-2]

Stop doing your own taxes and go to a CPA who will explain things better for you.
There's a reason people drive around in luxury cars, yet NET only $17,500 a year.
Since you will not need to document your income, you can get away with that without the sting of submitting a loan application with, well, $17,500 income!

[Classic Daycruiser]

We all pay taxes. Just make sure you don't pay anymore than absolutely required.

[Excessive Force]

We all pay taxes. Just make sure you don't pay anymore than absolutely required.
Thats all im wanting to accomplish:D

[vee-driven]

rental property!!!!!!

[Excessive Force]

where would the write off be on that? dont know much about it

[riverbound]

where would the write off be on that? dont know much about it
mortgages on the properties would be a biggie. with the correct accountant you would show a loss. which is also a write off. plus in the long run your rentals could pay for things such as a river house or other vacation homes...toys etc... ;)

[thatguy]

You need a good schiester CPA. Not a crook, but an AGRESSIVE one.
I have a nice middle aged lady that is like a pit bull. I would pay her whatever she asked me to.
If you can incorporate as a consulting type business on paper, the sky is the limit on expense deductions. Especially when a vacation becames a "conference".
See a professional. That is my advice. The ballers on here keep them in their hip pockets, I can assure you.
Tommy

[YeLLowBoaT]

Lots of CPAs out there get thier cleinets( and themselfs ) in a bunch of trouble over "creative" write offs. The risk is not worth the reward...

[SummerBreeze]

so all my stuff is paid off. Fockin ex wife wont let me claim any of my 2 boys. Im paying up the *ss in taxes. Any ideas on what I can do to help out with deductions come april? House is paid off, cars are paid off, toys are paid off, Only payment I have is the Harley. Thought it would be good for my credit to keep that going since I have nothing else.
I have two completely different business that help the tax issue. Yes I have payed my share of taxes but having a business opens the door to a new game of other peoples money.
Find a mentor to help you out
I will send you a bill for my 2 cents :D

[havpoolguy]

Read "Rich Dad Poor Dad" It is exactly what you are looking for. How to have your money make money for you and pay minimal taxes.

[SummerBreeze]

Read "Rich Dad Poor Dad" It is exactly what you are looking for. How to have your money make money for you and pay minimal taxes.
Good tip here..... A 15 dollar book could change the way you think
I have read just about all of his books and even took in a few seminars
I don't think the same anymore

[thatguy]

Lots of CPAs out there get thier cleinets( and themselfs ) in a bunch of trouble over "creative" write offs. The risk is not worth the reward...
Don't know if you are talking about my post, but I can assure you that there is nothing unethical about dissecting the laws and regs to your advantage.
Like I said, an AGGRESSIVE CPA, not a crook. :D
Tommy

[BoatPI]

Buy income property with a high assesed value on the improvement part of the tax bill.

[justfloatn]

It seems too simple to mention, but I've been suprised before. You can allways max out your 401K and IRA. (depending on income level) I havent looked up the max but I think it's around 17K between the two that you could lower your taxable income by.
If you do start a small business you can start a SEP and put up to $35K a year in it, again not 100% on the exact number but I think I'm within a couple grand. You big ballers on here should know the exact number :D

[Dave C]

What this guy said. max out IRAs and 401ks .... if you max out 401k of $15,500 ($20,500 if your over 50) then you can't deduct the IRA. However you can still do a SEP.
Look into starting your own "side business." Especially since you are in construction so you can deduct your work vehicle, tools, etc. etc.. You need S/E income for the SEP (i.e. retirement). there is no reason why you can't be a W-2 employee for some people and 1099 for others (just not both for the same person ;))
chartiable deductions.
BTW the rental "loss" is only deductible up to $25,000 if your income is less than $100,000 (prorated).
Rental with a mortgage would be a good investment/tax strategy but figure out your profit/loss after calculating interest, taxes and depreciation. any loss may not be fully allowed in the current year to offset other income. Also you need to materially participate in the rental activities. Remember you have additional income from the renters.
DaveC<----- like Yellowboat says is a lying cheating thieving SOB thats hardly worth the risk...:rolleyes: ;) :devil:
It seems too simple to mention, but I've been suprised before. You can allways max out your 401K and IRA. (depending on income level) I havent looked up the max but I think it's around 17K between the two that you could lower your taxable income by.
If you do start a small business you can start a SEP and put up to $35K a year in it, again not 100% on the exact number but I think I'm within a couple grand. You big ballers on here should know the exact number :D

[thatguy]

Yeah, it is probably a mistake to talk to a professional who does this very thing for a living.:rolleyes: :rolleyes:
Just max out 401 and call it good.:rolleyes: I'm sure.
I don't see how a good CPA is automatically a "Lying cheating SOB".
I have sat through a field audit before, with my CPA. The auditor called it good in one day. In fact, he said he wished they were all that easy.
There is nothing creative or unethical in following the IRS regs to their word. Thats why I pay a reputable and aggressive CPA. Or you can be afraid and think that benefits gained by research and knowledge are "bad".
You would not go to trial without an attorney, why go to the IRS without pro advice?
Tommy

[socalmofo]

Anyone have any references for a good, agressive, non slimeball CPA in San Diego?

[Cole Trickle]

Why does the X get both boys as writeoffs?
If you pay child support I would take her to court so you get 1 of the kids. (my parents both got one kid to use on there taxes in the settlement/agreement)

[thatguy]

Anyone have any references for a good, agressive, non slimeball CPA in San Diego?
I will try to get you a reference from mine. If I can I will PM it to you?
Tommy

[SB]

You might also call a divorce lawyer about getting that deduction changed.
Be creative, call your ex-wife and say, "I'll give you $x,000 in cash to let me have that deduction."

[thatguy]

You might also call a divorce lawyer about getting that deduction changed.
Be creative, call your ex-wife and say, "I'll give you $x,000 in cash to let me have that deduction."
Thats USUALLY pretty cut and dried. Who has them for over 6 months of the year? Unless there is an agreement in the settlement.\
Tommy

[Cas]

rental property!!!!!!
yep, has worked very well for me.

[C-2]

And you really need to speak with a professional anyways, especially if you have a cash construction biz on the side. You are the perfect candidate to sue and since the Cali homestead exemption is only $75K, it sounds like there might be some change left over to nab.
In fact, can't he go into a trust and lease it back or some fancy crap like that?
Where is the angry midget when you need him?

[Excessive Force]

It seems too simple to mention, but I've been suprised before. You can allways max out your 401K and IRA. (depending on income level) I havent looked up the max but I think it's around 17K between the two that you could lower your taxable income by.
If you do start a small business you can start a SEP and put up to $35K a year in it, again not 100% on the exact number but I think I'm within a couple grand. You big ballers on here should know the exact number :D
Great stuff everyone. keep it coming. but whats an SEP? S/E? Sorry, im learning from you guys

[justfloatn]

Great stuff everyone. keep it coming. but whats an SEP? S/E? Sorry, im learning from you guys
SEP= Self Employed Pension:D

[2forcefull]

I would rather have everything paid off and pay the taxes. ;)
I'm not sure but, I think this is the smartestpostI've read on here

[centerhill condor]

dude, start a sales office from your office and deduct everything. Been doing it for 20 years and best game going...only thing is every now and then you have to sell something.
CC