Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Earning $220000 with no debt; increcease deductions to reduce my tax obligations? (https://www.askmehelpdesk.com/showthread.php?t=786348)

  • Mar 8, 2014, 06:48 PM
    Gee2014
    Earning $220000 with no debt; increcease deductions to reduce my tax obligations?
    I am trying to find some ways to reduce my AGI so I can reduce my payment to Uncle Sam. Does anyone have any ideas. I am a LLC, consulting professional with min. deductions. I have used every possible deduction.
  • Mar 8, 2014, 08:51 PM
    ScottGem
    Does the LLC earn that amount is that your salary from the LLC? At that level you should be able to afford a Financial Counselor to advise you.
  • Mar 8, 2014, 10:02 PM
    AtlantaTaxExpert
    Your best bet are retirement plans (SEP, SIMPLE, profit-sharing, IRAs).

    The only problem is that, except for the IRAs, these plans have to be set up PRIOR to 1 Jan 14 to apply to the 2013 tax year.

    Also, Scott's admonition IS valid: a visit with a tax advisor in 2013 could have saved you some money.

  • All times are GMT -7. The time now is 08:35 AM.