Hello everyone, my name is Dave, I am new to the forum and trying to learn some information about claiming the most net income while paying the least amount of actual tax. (isnt everyone lol)
I am an auto dealer, a real estate broker and a landlord and am trying to secure bank financing for working capital. My credit score is in the 750-770 range, I have 100% on time payment history, I own a million dollars in paid off assets (real estate) and yet I've been declined for simple commercial mortgages, lines of credit and even a non owner occupied home equity due to low reported income.
I am a complete novice when it comes to income tax, deductions vs exemptions, depreciation, self employment tax, passive income tax ext.
I am seeking advice on tactics (if there are any) for claiming a certain amount of net profit, but paying less actual tax if this makes sense. For example, I believe you are allowed a $3,000 deduction per dependent which doesn't lower your net profit like write offs do, rather only lowers the amount of tax in which you need to pay.
So if I made 100k net profit with zero dependents at a federal tax rate of 25% I would be paying $25,000 in tax.. BUT if I had 3 dependents, even though I claimed 100k net income, I would only be responsible for paying tax on $91,000. (if $3k per dependent is accurate)
Im not even 100% that's how it works, that's how little I know, but if it is, are there any other deductions in which I can keep my net income at a high number, but pay a discounted number in tax?
Any and all help is appreciated.
I am an auto dealer, a real estate broker and a landlord and am trying to secure bank financing for working capital. My credit score is in the 750-770 range, I have 100% on time payment history, I own a million dollars in paid off assets (real estate) and yet I've been declined for simple commercial mortgages, lines of credit and even a non owner occupied home equity due to low reported income.
I am a complete novice when it comes to income tax, deductions vs exemptions, depreciation, self employment tax, passive income tax ext.
I am seeking advice on tactics (if there are any) for claiming a certain amount of net profit, but paying less actual tax if this makes sense. For example, I believe you are allowed a $3,000 deduction per dependent which doesn't lower your net profit like write offs do, rather only lowers the amount of tax in which you need to pay.
So if I made 100k net profit with zero dependents at a federal tax rate of 25% I would be paying $25,000 in tax.. BUT if I had 3 dependents, even though I claimed 100k net income, I would only be responsible for paying tax on $91,000. (if $3k per dependent is accurate)
Im not even 100% that's how it works, that's how little I know, but if it is, are there any other deductions in which I can keep my net income at a high number, but pay a discounted number in tax?
Any and all help is appreciated.
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