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re: Feeling broke on a $665K salary

Posted on 1/21/24 at 3:21 pm to
Posted by Corinthians420
Iowa
Member since Jun 2022
9624 posts
Posted on 1/21/24 at 3:21 pm to
This post was edited on 1/21/24 at 3:25 pm
Posted by Puffoluffagus
Savannah, GA
Member since Feb 2009
6241 posts
Posted on 1/21/24 at 3:30 pm to
quote:

if you are self employed or even have an entrepreneurial side business you can offset vehicle mileage, shipping, advertising, website fees, percentage of home internet charges used for business, professional publications, dues, memberships, business-related travel, office supplies, anything related to home office. You can buy properties and write off accelerated depreciation. there are a lot better options than just handing a check to the government.


Yes I know what deductions and expenses are. Hence why having an effective 20% tax rate on a million dollar income(200k) is actually pretty good. If someone had no deductions expenses they'd be writing a 300k+ check.

Yes its reasonable to try to classify as many of your expenses as business related to get the deduction, but You also seem to be under the impression that it's a good idea to spend money on business expenses if it means it'll lower the tax bill...which it's not.
Posted by Puffoluffagus
Savannah, GA
Member since Feb 2009
6241 posts
Posted on 1/21/24 at 3:30 pm to
Double.post
This post was edited on 1/21/24 at 3:31 pm
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