Question : Can anyone offer info on good income tax shelters?
Recently came into some substantial $$ because of RE sale. After paying off bills, where should I put $$ to avoid paying huge income tax next year? Husband is self-employed & I am not employed.
- asked by Julie P
All Answers:
Answer #1
File jointly. Invest dollars in his business. Start your OWN business!
- answered by Thin Kaboudit
Answer #2
Have your husband's accountant start him aretirement plan for his business like a SEP IRAand fund that with your money. Fund a ROTH IRA foreach of you. Invest the rest in the stock marketor equity mutual funds. The growth will be taxdeferred until you sell and if you die before yousell it gets a stepped up basis for your heirs.The dividends and long term gains you might getwill be taxed less than earned income.
- answered by shiprepairwoman
Answer #3
Did your tax counsel consider a 1031 tax deferredexchange prior to the sale of your real estate? The tax liability occured when you received themoney. Watch out for tax shelters as thegovernment may come after you as they have othertax payers.
- answered by William H
| 
measure and fulfill your financial needs
