Question : Best tax shelter for someone single with two homes and 100k income?
No businesses owned, sometimes family stays in one of the homes.
- asked by tallskinnybrunnettesrsxy
All Answers:
Answer #1
First of all you do not need at tax shelter...that is a naughty word with the IRS. You needdeductions, or ways to lower your taxable income.Best way would be to get married and have a coupleof kids. You can also consolidate other debt in ahome equity line... you can write off the extrainterest on your schedule A. lastly, you can defermore money to 401k plans and IRA's. You will haveto pay tax on the money when you retire, but candefer 5k flat in IRA's right now, and also uptoanother 10% in a 401k plan. Talk to your employer.
- answered by blameless7
Answer #2
in addition to blameless7's ideas, you could alsoparticipate in your company's FSA (flexiblespending account for) for things like medical,dental, vision expenses. If you will haveirregular amounts of income from year to year, paytwo year's property taxes in high income years. can you defer a company bonus from december tojanuary? if so, double it up to create a highincome year. turn one house into a rentalproperty and claim the depreciation.
- answered by Overtaxed
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measure and fulfill your financial needs
