I am bringing in a lot of money now, and I mean a lot, but now I have issues on what to invest in since I don't want to pay taxes and NO i don't want to buy a house... any ideas what I should do? Please let me know... is it too late for me this year? If i file taxes, its going to be huge payout to IRS. I need some last minute ideas and every tax attorney is telling me something different
You lawyers are telling r all telling something different and your coming here for a unified response??? You can write off a lot of things car (if ur using it for business) part of ur mortgage or rental for office space, phone Internet e t Incorporate and pay yourself
If you're paying tax it's a good thing, it means your business is doing well. Property Investment probably is the safest way to get some tax writeoffs but the whole thing around negative gearing is very much out of favor right now. If you change your mind talk to the other investors at propertytalk about how to invest safely.