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Updated almost 7 years ago on .
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How to protect your gained cash asset?
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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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