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Old 03-18-2015, 11:20 PM   #1
HellRaiser1
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Join Date: Sep 2009
Location: New York City
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Tax Time Question

I am self-employed. I make a certain amount of income.

I usually find ways to write-off expenses, a lot of them. This drives my income on paper way down, and as a result I pay next to nothing in taxes.

This has prevented me from buying property in the past as no bank will give me a mortgage with very low income on paper. I'd like to purchase an investment property next year with two good solid tax returns, this year's and next year's.

After sitting with an accountant, the magic number I'd like to claim is $84.5k. I'll have to do this the following year as well.

This is roughly around 25k taxes that I'll have to pay. In addition to this, I was informed I'll have to pay FICA tax of an extra 15% to cover govt medicare and SS.


Any additional word on this?
Any one advise of a good online calculator to figure out what taxes would be owed depending what I claim in the state of New York?

Thanks SO much with any advice!

-G

Last edited by HellRaiser1; 03-18-2015 at 11:21 PM.
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