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Another thing you might want to concider, depending how you hold your biz now (LLC, S-corp, C-corp). Is buy a building, hold it in an LLC. Have you corporation pay rent to your LLC that holds the building and overpay market rate. This will lower you Net Income for your corporation because you have higher rent expenses. However, the money you make from your LLC on rent is not subject to FICA tax. This will save you 15% in taxes off the top. Moreover, you can take a paper loss due to depreation. This cannot offset against your personal income (unless you are in the real estate biz - 740 hours per year) - see tax law change of 1988. But you can offset any paper loss against other real estate investments (Income producing that is). You can also carry these losses forward indefently, or back 3 years.
There is all kinds of ways to do this. You just have to know how to play the game. Remember, it is not what you make that is important, it is what you keep that is more important. You work hard to make a buck, keep it. Why give it to the government when keep your money in your pocket. Just learn how.
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