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Ways to reduce taxable income
Posted on 7/10/13 at 4:05 pm
Posted on 7/10/13 at 4:05 pm
Putting the horse in front of the carriage here, but I plan (and hope I'm on the way) of having a successful career and all that jazz. With the way our future looks (to me) the wealthy will be supporting this country more and more.
What are some ways that people don't realize they can reduce taxable income?(legally of course)
What are some ways that people don't realize they can reduce taxable income?(legally of course)
8
Posted on 7/10/13 at 4:08 pm to jimbeam
HSA
PreTax IRA
Max on the 401K
PreTax IRA
Max on the 401K
Posted on 7/10/13 at 4:10 pm to jimbeam
Goodwill Donations!
Posted on 7/10/13 at 4:17 pm to MoreOrLes
quote:b/c if you're making bank there's a good chance you can't do a roth anyway right?
PreTax IRA
Posted on 7/10/13 at 4:19 pm to jimbeam
Right. Maxing out life insurance is referred to as "The Rich Man's Roth"...obviously no tax deductions though.
ETA: Folks have had success with cattle, but it's cyclical.
ETA: Folks have had success with cattle, but it's cyclical.
This post was edited on 7/10/13 at 4:21 pm
Posted on 7/10/13 at 4:21 pm to iknowmorethanyou
currently single and the near future looks to remain that way. would I even need life insurance
Posted on 7/10/13 at 4:22 pm to jimbeam
Not the death benefit, but the tax-deferred and potentially tax-free income from the policy cash value is worth a looksee.
Posted on 7/10/13 at 4:44 pm to jimbeam
quote:
b/c if you're making bank there's a good chance you can't do a roth anyway right?
you can't deduct your IRA contributions if you're making bank. you can contribute but pay taxes
ETA: that's if you're covered by a retirement plan at work
This post was edited on 7/10/13 at 4:47 pm
Posted on 7/10/13 at 4:50 pm to jimbeam
Also..
wouldn't that mean higher taxes in the future on the wealthy. if you believe this then you'd want to limit your future tax liability
quote:
With the way our future looks (to me) the wealthy will be supporting this country more and more.
wouldn't that mean higher taxes in the future on the wealthy. if you believe this then you'd want to limit your future tax liability
Posted on 7/10/13 at 4:53 pm to jimbeam
You could give it all to TAF 
Posted on 7/10/13 at 5:12 pm to Bubba Bexley
Hide your money in Iraqi Dinars. Profit.
Posted on 7/10/13 at 5:23 pm to gatorsimz
Exactly
Posted on 7/10/13 at 9:05 pm to jimbeam
Someone on the same subject- is buying physical metals a tax write off?
Posted on 7/10/13 at 11:29 pm to TigerTatorTots
quote:
is buying physical metals a tax write off?
I don't think so, but out of curiosity, what makes you think it would be?
Posted on 7/11/13 at 12:47 am to TJG210
Will the saver's credit still be around next year? After deductions we'll be south of 53k. We'll get 10% credit of the $6700 we've put in retirement accounts this year.
It doesn't matter the type either. 401k, roth, traditional etc.
It doesn't matter the type either. 401k, roth, traditional etc.
Posted on 7/11/13 at 11:22 am to jimbeam
There are three different concepts of income to keep in mind. The first is gross income. You can reduce your gross income by incurring losses, or simply earning less income. You can also try to influence the character of the income you earn to minimize your tax liability. This is done primarily through investment decisions.
The second is adjusted gross income. Adjustments to income include things like qualified retirement plan contributions, HSA contributions and certain education expenses. Some of the adjustments to income are limited by types of gross income you earn. Minimizing adjusted gross income is beneficial since some deductions and credits are limited based on a taxpayer's AGI.
The third is taxable income, and it is simply your AGI less allowable deductions. The only discretionary deductions are charitable contributions, and they are limited to a percentage of AGI based on the type of property contributed and the type of organization.
Effective tax planning can be quite complicated as it needs to focus on all three areas, and it should take into consideration multiple years rather than just a single year.
The second is adjusted gross income. Adjustments to income include things like qualified retirement plan contributions, HSA contributions and certain education expenses. Some of the adjustments to income are limited by types of gross income you earn. Minimizing adjusted gross income is beneficial since some deductions and credits are limited based on a taxpayer's AGI.
The third is taxable income, and it is simply your AGI less allowable deductions. The only discretionary deductions are charitable contributions, and they are limited to a percentage of AGI based on the type of property contributed and the type of organization.
Effective tax planning can be quite complicated as it needs to focus on all three areas, and it should take into consideration multiple years rather than just a single year.
Posted on 7/11/13 at 1:57 pm to jimbeam
Legitimately there are only two ways to answer your question:
Don't accept it as income, and/or
Give it away.
Don't accept it as income, and/or
Give it away.
Posted on 7/11/13 at 2:06 pm to jimbeam
You could try listing yourself as Democrat. You're less likely to be targeted for underpaying that way
Posted on 7/11/13 at 2:08 pm to RickAstley
Posted on 7/11/13 at 2:10 pm to Poodlebrain
PB, will the savers credit still be in place next tax season?
This post was edited on 7/11/13 at 2:12 pm
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