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Updated about 7 years ago on . Most recent reply

My CPA is very vague.. is this normal???
Hello I am a young entrepreneur.
This year I have done pretty well and am blessed and burdened to have quite a tax bill coming in April of 18 looking to be around 40k
When asking my CPA what I can do with the money to lessen my tax burden he is very vague and unhelpful. Now i am new to having a CPA so maybe that is not his job.
My first thought was to get into real estate however, from what i understand most expenses with real estate have to be depreciated over time. So therefore maybe i shouldn't be looking at real estate as an investment to help with taxes for this year. Is this true or is there another way? Thank you guys.
Most Popular Reply

If you have income it is difficult to avoid paying some taxes, and tax evasion can get you in big trouble. Taxes are a difficult issue and are hard to avoid from the back end. Prior planning can help some.
Also expenses are not depreciated over time. The cost of a rental is depreciated over time. That depreciation is a non-cash expense that does save on taxes.
Your CPA should walk you through this.