QUESTION
If I made my first $1,000,00.00, what is the best way to minimize my taxes?
Asked on May 08th, 2013 on Taxation - Colorado
More details to this question:
I made $1,000,000.00 on a real estate sale this year, I set up my company as a LLC, what is the best way to minimize my taxes? I paid a referral fee of $250,000. I was told to have him fill out a 1099 so as to not pay taxes on the $250,000, is this correct as well?
2 ANSWERS
Bruce Givner
There is no one best way to minimize taxes on a $750,000 windfall. It depends upon what you might make next year. It depends upon how much you need to maintain your standard of living. A defined benefit pension plan is the first structure that we would help you explore, but there are perhaps a half dozen other structures to consider.
Answered on May 10th, 2013 at 10:56 AM
No, that is not correct. You should contact an attorney or CPA specializing in income tax matters.
Answered on May 10th, 2013 at 6:53 AM