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RE: How Blockchain Can Make Governments And Taxes More Efficient And Transparent

in LeoFinance3 years ago (edited)

I agree follow the laws which allow me to pay nothing in tax but rake in cash flow and receive benefits as my agi qualifies legally as that is what it goes off of not cash flow. Saves me 20-40K a year and if I pass away all the assets like real estate get stepped up to FMV and my kids deduct it again and rinse and repeat. Use the laws the people who added those loopholes are using not what turbotax says and if you can be self employed you can just buy assets each year like say a new hummer or truck if you made 100K that would reduce it to 0 and you have a truck you bought with a loan drive it a few years sell it and break even as you factor in the income and SE tax savings. Also once its done in the business can rotate out in certain situations to write off all of your cars just use them for business use until there deducted then convert to personal use after. Need to look at some req first but it is possible. Also using mileage on a cheap beater is usually best as the miles can exceed the FMV and leases usually the actual expenses are better along with expensive cars and trucks. Like the Hummer - new one could take a 100K loan deduct 100k used only for business or less if advantageous.