How do I show income while minimizing taxes?
I own a retail business that is doing well. I want to diversify into real estate as a tax shelter and for money. My primary question is how do I show income after taking advantage of all the deductions? I can take deductions now but that brings my income down. If I don't use the deductions by tax bill goes thru the roof. If I don't show income I can't buy real estate.
My goal is to show as high of income as possible to buy real estate without paying excessive taxes.
Every deduction now takes away from my income, and income increases my taxes.
Does real estate depreciation solve this problem?
Does anything else solve this problem?