I have started my own company this year and look to make a profit of around $400k this year.
I am a sole proprietorship and have no idea, at this point, how to navigate the income tax waters. I would like to reinvest the profits into the business to mitigate the tax burden but have no idea where to start.
I thought about purchasing a couple rental properties with the profits. If I were to do this, can I take the money invested in those homes and deduct them against profits?
Sorry for the noob question and thanks in advance.
I am a sole proprietorship and have no idea, at this point, how to navigate the income tax waters. I would like to reinvest the profits into the business to mitigate the tax burden but have no idea where to start.
I thought about purchasing a couple rental properties with the profits. If I were to do this, can I take the money invested in those homes and deduct them against profits?
Sorry for the noob question and thanks in advance.