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    Gee2014's Avatar
    Gee2014 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 8, 2014, 06:48 PM
    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.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 8, 2014, 08:51 PM
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 8, 2014, 10:02 PM
    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.
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