| Financial planning advice and taxes |
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kcollins769
New Poster
Cash: $ 0.45
Posts: 2
Joined: 14 Jun 2007
Location: Orange County, CA
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| Financial planning advice and taxes |
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Hello...I am new to this forum and I appreciate any feedback and advice. Recently married and killed by the AMT, I am looking for ways to better our tax position. Currently our total income (W2) is around $400K. We own a home and recently purchased a second home (closed today actually). I've been told to consider forming a corporation, but this out of my area of expertise. I will seek professional help in this arena, but was curious if anyone here had suggestions or similar experiences. For the tax year 2006 we owed $11K in taxes! The marriage penalty does suck...but we aren't doing anything creative.
Thanks in advance,
KC
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Thu Jun 14, 2007 11:35 pm |
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kcollins769
New Poster
Cash: $ 0.45
Posts: 2
Joined: 14 Jun 2007
Location: Orange County, CA
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Line 76 was $11K...line 63 was $105K
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Fri Jun 15, 2007 2:12 pm |
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Case-Face
Full Member
Cash: $ 0.35
Posts: 75
Joined: 21 May 2007
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| TurboTax |
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TurboTax is definitely a good thing to own throughout the year. Helped me out a lot this past year, that's for sure!
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Wed Jul 11, 2007 5:04 pm |
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JeffEcho
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 15 Mar 2023
Location: San Diego
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I had a buddy who sold a small amount of equity in his startup to pay off debt. He had a CPA, but still ended up paying a massive amount in taxes. About two years later, he found a new CPA, that ended up getting him about $20k back.
Point of the story - finding the right person to help on this front makes a huge difference. Highly recommend talking to friends and colleagues (especially ones with $) and see if they have anyone they recommend.
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Wed Mar 15, 2023 4:22 pm |
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