Reply to For those with high HHI ($500K), tax saving strategies

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, you need a side business: rental income, landscaping, tutoring, house cleaning, remodeling, etc.[/quote]

Let’s say they have a side gig doing tutoring and earn a few extra bucks that way. How can that benefit someone earning 500k+ ?

Or you mean it needs to be an actual business where they hire others?[/quote]

[b]I think they mean a side business that loses money for the tax write off [/b][/quote]

No that's not what is meant.  It would be silly to own a business just to lose money considering the time exerted and liability.  
However, what does happen is this from first hand experience.  I could make tons more money than i do now.  I simply don't have the desire to pay $40,000 in more taxes for every $100,000 earned.  It's taken away my desire to spend more time earning that money when such a huge chunk goes to pay others that don't pay tax.  Our capitalist economy is already suffering and many of you fools want to tax us more out of nothing but sheer greediness.  GOYA's  It's not fair that someone sacrifices their time to make twice the income, but after paying tax is closer to the goof that only works 40 hr weeks.  [/quote]

If you are starting a business just to lose money to write off against your W2 income, then it’s not much time exerted (and not sure about the liability).

Start a business as an Amazon reseller and write off your home internet and cell phone and a portion of your utilities…heck, have it resell everyday items and you buy all your normal home products as inventory.

Find some “trade shows” in vacation destinations (where you can usually walk the floor for free) and attend for one day, yet you write off a bunch of your travel expenses.  Have your CPA prepare taxes for your family and the business, and write off the entire cost.

The list goes on.

Only problem is you can only lose money for 3 of 5 years, or IRS considers it a hobby and you can no longer take losses.  Though you could probably eke out a small profit every 3rd year.[/quote]

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