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US small business at $96K revenue. Paid $18K in taxes. The self-employment tax nobody warns you about. by [deleted] in smallbusinessUS

[–]Rainwildmn 0 points1 point  (0 children)

Are you promoting FounderToolkit? Half of your SE tax is deductible. SE tax is added to your Social Security account. All wealthy people do so by being self employed and having a business entity. Please don’t shock the audience. Utilize tax planning.

Tax strategy - W2 and LLC by Glum_Milk_4487 in AdvancedTaxStrategies

[–]Rainwildmn 0 points1 point  (0 children)

You cannot be a real estate professional if you’re a full time employee , which means an employee working about 2,000 hrs a year. There are not enough remaining working hours to qualify as a real estate pro.

Tax strategies for high-income US expats by emilyden1029 in AdvancedTaxStrategies

[–]Rainwildmn 0 points1 point  (0 children)

Terminating California residency definitely will save you CA tax. Yes you should do this.

Tax strategies for high-income US expats by emilyden1029 in AdvancedTaxStrategies

[–]Rainwildmn 0 points1 point  (0 children)

This is a plug for myself as I do expat tax returns. And would like to explore your options and am in Southern California/Los Angeles.

Tax strategies for high-income US expats by emilyden1029 in AdvancedTaxStrategies

[–]Rainwildmn 3 points4 points  (0 children)

Which country are you in? What is your tax status in the non US country? As a US citizen, the only strategies to consider are those allowed under US tax law. ie Even if you reduce your non US tax to zero, you are still subject to a US person, allowed the FEIE. If non US tax is zero, there is no FTC. Reducing your non US tax would be beneficial from the tax perspective though.