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Dec 18, 2024
10:42
:24
pm
Bigcouggy2
3rd String
If self employed can deduct 20% of net income with Qualified Business Income
QBI deduction I believe
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Bigcouggy2
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Bigcouggy2
Joined
Aug 9, 2023
Last login
Dec 23, 2024
Total posts
353 (0 FO)
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Messages
Author
Time
Accountants: Best way to lower Adjusted Gross Income in the next 2 weeks
GFCougar
Dec 18, 7:36pm
Donate to my charity. I'll send you the tax id.
Cougsanity
Dec 18, 7:38pm
The Human Fund?
jrifkin48
Dec 18, 7:52pm
You can deduct gambling losses up to how much you won gambling
TCuz
Dec 18, 7:39pm
Traditional IRA if you qualify.
RexIdaCoug
Dec 18, 7:39pm
Set up a Donor Advised Fund. It's an immediate deduction to your income. Then
GideonsTrumpet
Dec 18, 7:42pm
Doesn’t lower AGI, though. May lower taxable income.
allaboutthegainz
Dec 18, 7:46pm
<< Deleted >>
TwinsRight
Dec 18, 9:13pm
Self employed?
allaboutthegainz
Dec 18, 7:47pm
Unfortunately no
GFCougar
Dec 18, 8:08pm
Itemized deductions after AGI, so charity won't help you. Was it self-employed
Bainge
Dec 18, 7:47pm
All W-2 for both of us
GFCougar
Dec 18, 8:12pm
Prepay tithing for next year? IRA
wannnacruise
Dec 18, 7:52pm
Perhaps you could defer some income until Jan? Pay your 2025 tithing now? Donate more to Cougar Club?
HarlemCoug
Dec 18, 7:54pm
Do you need to lower your AGI or your taxable income? Two different things as
GideonsTrumpet
Dec 18, 7:56pm
AGI
GFCougar
Dec 18, 8:09pm
In some circumstances you can prepay next year's state taxes
CocaColaRecovery
Dec 18, 8:04pm
Max out your 401k and traditional IRA contributions. Look into a SEP IRA if you
NoVaCoug10
Dec 18, 8:08pm
Does 401k come out before the AGI calc?
GFCougar
Dec 18, 8:11pm
Yes
RexIdaCoug
Dec 18, 8:13pm
Then we may be ok
GFCougar
Dec 18, 8:14pm
Selling a few loser stocks can get you $3000. You can always buy them back
Tare
Dec 18, 8:20pm
Augusta rule if you have an s corp
blueandWHITE
Dec 18, 9:23pm
If self employed can deduct 20% of net income with Qualified Business Income
Bigcouggy2
Dec 18, 10:42pm
Why do you need to lower AGI? EV credit? If so, you can use your 2023 AGI to
allaboutthegainz
Dec 19, 7:18am
You can contribute to a traditional IRA for the previous year up until you file your tax return.
OPINIONS
Dec 19, 9:22am
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