[USER]

Self employed. Business is sales/Service related having very little expenses and no assets.
Structured as LLC with S-Corp Tax Structuring.
Fixed Distributions
Maxed out IRA contributions.

Other than the following.
Tax deductions under section 179 for a buying a yacht for chartering.

Buying a pleasure boat for Marketing purposes/write off.
Buying an SUV under 179
Using the Augusta Rule
And paying kids under LLC

Are there any other known Tax deductions.
Let’s say you have $1,000,000+ of income you’re going to be taxed on.

What other large loop hole deductions would you use or think of.

Not really interested in becoming a resident of Puerto Rico either even though the cap gains tax saving is really appealing.

I’ve talked to CPAs but most I’ve talked to are just looking to “categorize, file and get paid” paper organize.

I’m still looking for a CPA does things right but just more hungry.

Hopefully we can keep this post focused on ways to help us tax plan.

[Laura]

Can you explain more about PR residency and cap gains?

[Joe]

HSA
529
Simple IRAs if you have employees
Or Solo if not

But really, none of that is gonna make a dent in saving much in tax percentage wise.

[Adelaide]

Can you make a holdings LLC so you don’t need to accept the $1mil as income?

[Tristan]

SoloK (provided you don’t employ your kids, you’d have to go simple or Sep if you do) would allow for much higher contribution/write off than an ira.

Home office/utilities, but I assume you already write that off and isn’t large anyways.

Mileage can add up a bit. None of that is going to help you much if you actually have no 1mil worth of income.

I’m not a CPA, but I’d imagine if you are bringing in 1mil in a year they wouldn’t want you taking all that as salary

[Author]

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