How to shelter income being taxed?
Hi.
I'm new to the forum and would like to see if anyone has info on how to shelter income from being taxed? This is a hypothetical question since I have not started the purchase of a multi family unit yet.
My tax guy recommended me to setup a LLC to purchase properties for buy / hold and rent. One of the question I had was what happens to income that I get from rent (minus all the expenses). I was told that the income will be passed as my personal income since I'm the owner of the LLC.
I would like to think that I can save up the income each month so that I can either use that for paying other expenses in the building, pay off mortgage, or invest in other properties.
I would hate to think that all income from rent will be filed as my personal income since I do have a decent paying job.
Any help or feedback would be greatly appreciated.
Thank you.
David