Self employed OT ballers, How much do you deduct?

self employed OT ballers don't pay taxes.

Shady thread

Everything

/Thread

Anything and everything that's business related and that I have a receipt or documentation for and that my CPA says I can deduct. Nothing less, nothing more. Don't wanna give anymore of my money to Uncle Sam than I have to but don't want to screw myself over and end up in hot water if I ever got audited.

This is me too but with my wife (no pics) making 40k a year we barely qualify for shite.

OT Ballers keep two sets of books

One for bankers and prospective buyers

The other for the IRS

When either of the first two want to see correspondence with entity #3: Photoshop.

Don't be a Boy Scout.

Narc

quote:

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This is me too but with my wife (no pics) making 40k a year we barely qualify for shite.

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With a debt-to-income ratio of ~36% on the upper end, you can get a $300k home with 20% down.

If you try to show you make hardly any money, when you try to borrow money you will be screwed. Unless, you don't need to borrow because you socked it away rather than spending it. However, most people spend it. If you're paying taxes, banks love to lend money. Just a general statement. If you don't think you will need to borrow money soon, you can try to reduce your taxes to nothing if possible. It's hard to sell a business if you show you don't make money. I purchased a business that was taking money under the table, but I purchased the business based on the profit and loss that they paid taxes on, not the money the took under the table.

Make yourself an S Corp. Pay yourself w2 salary, pay withholding taxes monthly or quarterly, and still claim the deductions against the company. At the end of the year, pay yourself a bonus which totals the leftover cash on hand. Basically, you save 15% self employment taxes on all of the w2 money.
Wont work for 2016, but you can starting now

Your welcome