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Make money with Az Hard Money Loans Advice to Lower Your Tax Bill
Two things in life are inevitable, death and taxes. If you use Arizona Hard Money Loans to flip houses more than half of your profits might go to Uncle Sam. Learn some tactics to lower your tax burden so you can earn more money on your next flip.Because of their short turn around, the profits from house flips are subject to the regular income tax rate, which could go as high as 37 percent. If you’re self-employed, you have an extra burden-FICA, which could add another 15 percent to your effective tax rate. We haven't even mentioned state taxes yet
So, if you’re a successful flipper how high could your tax rate be?
Consider a house flipper located in Taxifornia, say he earns 500 K each year solely from flipping houses. His income puts him in the top federal tax bracket, and because he’s self-employed he’ll also need to pay FICA, so his federal rate is 52.3 percent. We can’t forget state taxes; in California, the state will collect 11.3 percent of his income. So effectively 64 percent of his profits on any flip will go toward taxes.
Say he wants to flip a house, which could earn him 35 K in profits. 22 ... more

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