Question : What are some other good tax shelters besides 401k and college for kids.?
I'm a self employed property owner. The property that I'm renting is gonna net me about $300,000. This is after everything, and puts me in the 33% federal tax bracket. What are some other tax shelters I can use? If I were to pay an additional $100k toward the principal of my mortgage, could I use that as a deduction?
- asked by Romell M
All Answers:
Answer #1
No, no, no! Interest is deductible. Principle isnot. Pay the minimum payment. Call yourbank/broker and ask about Keogh plans andSimplified Employee Pension plans. It sounds likeKeogh (which is a pension plan for self employedpeople) is what you need, but you should havesomeone look at the details of your situation.
- answered by Bob
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measure and fulfill your financial needs
