- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Ways to lower Taxable Income
Posted on 2/27/13 at 10:41 am
Posted on 2/27/13 at 10:41 am
Wife just went to CPA...basically getting screwed because we make to much money. We just had a daughter in January, and he told her that we wouldn't even get the full child credit next year because we make to much.
I know there really isn't anything we can do to quit being railed by the great Obama, but do any of you have suggestions?
The CPA said only thing we could do would be to increase 401Ks and do a dependent flex account.
I know there really isn't anything we can do to quit being railed by the great Obama, but do any of you have suggestions?
The CPA said only thing we could do would be to increase 401Ks and do a dependent flex account.
11
Posted on 2/27/13 at 10:57 am to Kingwood Tiger
White people's problems..... 
Posted on 2/27/13 at 10:58 am to LSURussian
Donate to charities?
Posted on 2/27/13 at 10:58 am to Kingwood Tiger
quote:
we make to much money
I'll trade my income problems with your tax problems.
This post was edited on 2/27/13 at 11:00 am
Posted on 2/27/13 at 11:07 am to SLafourche07
increase charitable giving and take advantage of any tax sheltered account you can.
Increase 401K. would it be worth it to do a traditional IRA? Start an education savings account/ 529? Dependant care/ flex spending account. Do you qualify for a Health Savings Account?
Increase 401K. would it be worth it to do a traditional IRA? Start an education savings account/ 529? Dependant care/ flex spending account. Do you qualify for a Health Savings Account?
Posted on 2/27/13 at 11:15 am to Kingwood Tiger
I'm by no means a tax expert but being a W-2 employee what you have listed is about it. But, should you form an LLC and buy a rent house, there are lots of things to depreciate and write-off. Like mileage, portion of your electricity and insurance, etc. Oh yea, the home builder show in Vegas, that’s a business trip. I also looked at real estate investment potential in Hawaii, that’s another business trip. You get the idea. If real estate is not your thing, there are many other home type side business’ to create. That is what opens the door to itemized deductions.
Posted on 2/27/13 at 11:25 am to geauxnc0308
quote:
Oh yea, the home builder show in Vegas, that’s a business trip. I also looked at real estate investment potential in Hawaii, that’s another business trip.
Iffy at best.
Posted on 2/27/13 at 11:25 am to Kingwood Tiger
Have you looked at buying tax credits in the state's software development program?
Posted on 2/27/13 at 11:46 am to Kingwood Tiger
quote:
Ways to lower Taxable Income
Quit your job?
Posted on 2/27/13 at 12:16 pm to Kingwood Tiger
Schedule A is your friend
Posted on 2/27/13 at 12:16 pm to Kingwood Tiger
quote:
Ways to lower Taxable Income
Quit your job, take a lower paying job.
Posted on 2/27/13 at 12:57 pm to Kingwood Tiger
Itemize - if you can for any business expenses or charitable donations.
This post was edited on 2/11/15 at 11:26 pm
Posted on 2/27/13 at 1:14 pm to VABuckeye
quote:
Iffy at best.
I enjoy the gray areas. But let me rephrase, annual stockholders meeting in Hawaii.
I should also disclose that I buiild a few spec homes each year so that helps with the iffy.
Point is you have to be a small business owner to fully utilize the tax laws to your advantage. W-2 employees are limited.
Posted on 2/27/13 at 3:02 pm to geauxnc0308
quote:
Point is you have to be a small business owner to fully utilize the tax laws to your advantage. W-2 employees are limited.
You can be both. I own an LLC but we are treated as an S-Corp for tax purposes. I draw a regular paycheck and receive a W-2 but I can also do disbursements.
I'm leaving for Turks & Caicos tomorrow morning for 5 days. Perhaps it should be my annual Board of Directors meeting?
Posted on 2/27/13 at 3:21 pm to VABuckeye
Let me know if you need someone to sit on your board
Posted on 2/27/13 at 3:25 pm to Kingwood Tiger
If you don't have a IRA I would go get two of them. Do each of you work, and if so who is the higher income earner?
Posted on 2/27/13 at 8:52 pm to CajunFootball
Flex spending is great. I put the max in child care and then another grand in medical. I always use every bit of it. Between that and my retirement it looks like I make a good bit less.
Posted on 2/27/13 at 9:58 pm to Kingwood Tiger
The AMT has gotten me the last 4 years. Lose all deductions except mortgage interest, charitable contributions and qualified retirement plan contributions. Not much you can do.
Looking at more realestate as an option.
Looking at more realestate as an option.
Posted on 2/27/13 at 10:07 pm to Kingwood Tiger
Open a farm.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News