How Much am I Being Taxed on Rental Income in Mississippi ??

[Michael Dunn]

Hi! First off, please forgive me for my level of tax ignorance. That's what BP is for :-).

If I am  netting $500/month, what taxes am I paying? I know this is probably basic tax knowledge, but still trying to learn more.

Since I am needing to Show as much of this $500 a month ( $6,000 ) for the year as Actual Earned and Made Income on my behalf, to Increase and show a higher yearly Gross Income amount , while at the SAME TIME pay in as little taxes on this $6,000 as possible ?

Thanks so much