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motion motion is offline
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Join Date: Apr 2000
Location: Mid-life crisis, could be anywhere
Posts: 10,382
The IRS allows you to take losses on a business for a certain number of years. Its a no-brainer. Pick something related to a hobby that you spend money on, and start channeling your expenses legitimately in that direction. You'll be surprised at how fast it will add up. The barriers to creating a business are very small these days. Another no-brainer is a rental property or two. The depreciation (which I don't really understand that well) is a great way to offset income. Its been magical for me. I pay my accountant over $1,000 a year and have for the past 20 years. Its money VERY well spent!
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'95 993 C4 Cabriolet
Bunch of motorcycles
Old 03-20-2015, 11:39 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #26 (permalink)