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Updated almost 7 years ago on . Most recent reply presented by

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Javier Pinedo
3
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9
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How to protect your gained cash asset?

Javier Pinedo
Posted
I'm starting out wholesaling houses, but one of my concerns is how to protect your earned money. Definitely I understand that everyone needs to pay taxes, but which would be a way to protect the money as much as you can ?

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62
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45
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Marina Draper
  • Accountant
  • Newton, MA
45
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62
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Marina Draper
  • Accountant
  • Newton, MA
Replied
Hi Javier, I think the ultimate best way to save your money is to add a knowledgeable and proactive accountant into your team. The wholesalers are taxed very aggressively in comparison to landlords, but a couple of things that just popped in my head: - consider living/investing in a state with no state income tax - consider investing through tax-deferred plans like IRA - consider creating a corporation and make sure you maximize your tax deductions

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