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Started By
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How can I reduce my taxable income?
Posted on 4/16/12 at 11:39 am
Posted on 4/16/12 at 11:39 am
I just paid close to 40K in taxes. My wife and I have an IRA and contribute the 5K each per year. We do traditional so we can not pay taxes on it now. I am self employed and looked at a Simple IRA, but it does not seem like that good of a deal. We also have an HSA. What else can I do to reduce my taxable income? 40K is way to much.
6
Posted on 4/16/12 at 11:44 am to ColdDuck
Make less money
Realize losses on schedule D income
Annuities
Are you just experiencing a short period of high income? If not, you should just accept that you will pay taxes when you make money. Taxes aren't going down any time soon.
Realize losses on schedule D income
Annuities
Are you just experiencing a short period of high income? If not, you should just accept that you will pay taxes when you make money. Taxes aren't going down any time soon.
Posted on 4/16/12 at 11:44 am to ColdDuck
Do you have a SEP? Do you have any kids? You can gift them 12k a year and they will be taxed at the lower bracket.
Just a few off the top of my head. This thread has serious potential though. I hope others weigh in.
Just a few off the top of my head. This thread has serious potential though. I hope others weigh in.
Posted on 4/16/12 at 11:45 am to ColdDuck
Add about $7,000 to that and you have my salary for a year. 
Posted on 4/16/12 at 11:53 am to ColdDuck
sep ira
Posted on 4/16/12 at 11:55 am to ColdDuck
"Company" cars etc if not already using them. IE ways to reduce the company income/profit. Do you own or rent office space?
I'm in now way advocating doing anything crooked by the way.
I'm in now way advocating doing anything crooked by the way.
This post was edited on 4/16/12 at 11:59 am
Posted on 4/16/12 at 11:56 am to ColdDuck
SEP IRA...basically just like a T-IRA, but specifically for self-employed people, and it has higher limits
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