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In practically any situation here, you're probably misfiling your taxes and therefore one of the high-wealth folks this article is about. If you have a 7-figure
by joshuamorton 2y ago
In practically any situation here, you're probably misfiling your taxes and therefore one of the high-wealth folks this article is about. If you have a 7-figure earned income, you're going to be taxed at a 28% marginal rate even if your AGI is negative, because of the AMT.
- yieldcrv 2y agoHad tonnnns of deductions, mostly overhead costs, lots of categories of deductions carried forward I would argue the same though, and I was in my post. The observation when filing with my CPAs was that the IRS knows very little especially between entity types that have their own filings Even the CPAs generally arent the same. The ones doing retirement dont know the non profit stuff, and vice versa, the ones doing partnership forms dont know the other sections. The IRS technically has everything but its in different departments but I can see the disincentive for the IRS, even if they disagree with one layer of deductions, another takes its place and simply doesnt carry forward. So the IRS could still wind up with nothing.