#1
|
|||
|
|||
Another Tax post (but I still have questions)
Here's my quick story and I would more than appreciate anyone in the know to pass along some advice.
I am in my first official year of filing as a pro. I just met with a CPA and figuring that I would make 200k this year playing poker, I would owe about 80k in taxes. I have not filed quarterly, but because this is my first year, I am exempt from a penalty - I had heard this elsewhere and this was confirmed by the CPA. She suggested to divert some liability I open a 401k and fund it with 40k before the end of the year, this is in addition to some deductions for interest on school loans, and travel to vegas, and such got us to a figure of 80k. Assuming these facts for now, do I have alternatives to save some tax liability that I have not discussed? This number includes the 15% self-employment tax. Also, I live in CA and I'm only 25 if that helps. I don't own anything yet. I can provide other information as needed, but I remember hearing about an S-corp, and some other options. Anyway, Thanks in advance, SC |
|
|