Re:IRS records reveal how the wealthiest avoid income tax
by dillondoyle on Tuesday June 08, 2021 @03:09PM
(#27439476)
The new pass through entity deductions are HUGE and lots of loopholes even if you're one of the consultant etc categories.
also this year I could get a 1:1 credit for time off for covid and covid supplies. Like not just lowering my taxable income.
basic example traditional deduction take 10k off net income, if i'm taxed @20% saves me 2k. From what I could tell this was 10k off my tax bill.. like if i owed 20k it's now 10k.
there's more too. i think car depreciation is better/doesn't exist if you buy personally but my car which is used for business is a tax benefit and pre-tax money I think.
also this year I could get a 1:1 credit for time off for covid and covid supplies. Like not just lowering my taxable income.
basic example traditional deduction take 10k off net income, if i'm taxed @20% saves me 2k. From what I could tell this was 10k off my tax bill.. like if i owed 20k it's now 10k.
there's more too. i think car depreciation is better/doesn't exist if you buy personally but my car which is used for business is a tax benefit and pre-tax money I think.