Quote:
Originally Posted by Sly
I've only been reading half the thread so somebody catch me up.
For fantasy sake, let's say I'm making $500k a year. What deductions are available to me that put me in the $50k bracket?
To my knowledge, the only way I can put that personal money into the stock market and get a deduction would be a 401(k), which is capped $15k yearly and is not even available to those that make $500k a year.
I suppose I could invest that money into a personal business, that would allow for a variety of deductions, although my fantasy Fortune 500 company employer would probably not be too crazy about that.
Charitable donations I suppose. I wouldn't really get much monetary benefit out of that.
I must be leaving something out.
I don't particularly feel sorry for this person, I'm simply trying to figure out where $400k worth of deductions come from.
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The deductions don't exist. If you had that much to write off at the end of the fiscal,you have simply lost a lot of money and won't need to worry about next year.
The real world of business is no where close to as simple as most of the people in this thread would like to believe.