Question: #1: Can i set up a personal tax shelter?
I know that corporations only get taxed on what they don't spend. So, could a single person who wants to start a business register a corporation under only his/her name and use it as a tax shelter in order to eliminate some taxes?
- asked by Dre
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- answered by: united9198 View All Answers (2)
Question: #2: Tax Shelter?
There really is no specific description of what it is in the job description. It is just listed as one of the benefits for several jobs in medicine. What does it mean exactly?
- asked by desertrose0507@sbcglobal.net
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- answered by: icprofit6000 View All Answers (1)
Question: #3: What is the best way to create a legal tax shelter?
First of all please understand that I have no problem paying taxes and yet like anyone I wish to keep as much of my hard earned money as possible. I started a small business earlier this year and recently incorporated it. It has done much better then expected and I want to protect the assets in the best way possible. Any help from knowledgeable professionals will be greatly appreciated!
- asked by montanamike
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- answered by: waggy_33
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Question: #4: I desperately need a good tax shelter, can I incorporate even if I dont have a company?
If i do start a company so I can incorporate into an S type corporation, can my business continually show losses?
- asked by eatton y
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- answered by: Feeling Mutual
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Question: #5: What kind of tax shelter there is for a full time student in Colorado ?
- asked by pianiole
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- answered by: Nancy Kay
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Question: #6: is it better to pay off interest on loans while in grad school? or save it for post-graduation taxshelter?
my current loans have a 4.75% interest. would it be better to try to pay off what i can in terms of interest now, or save it as tax shelter for once i graduate (assuming that the average starting salary is 70-100K)?
- asked by jc
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- answered by: Aaron M
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Question: #7: Is it a good idea to use a personal corporation as a tax shelter?
Like Robert Kirosaki advises in Rich Dad, Poor Dad.
- asked by Defunct
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- answered by: v b
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Question: #8: 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
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- answered by: Overtaxed
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Question: #9: what to do with ee bonds after they mature to shelter the tax?
what to do with ee bonds after they mature, to shelter the tax and still continue to gain interest on them.
- asked by coolagua
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- answered by: oakhill
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Question: #10: is a charitable foundation such as the tiger woods foundation a tax shelter?
- asked by Jerry W
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- answered by: jwishz
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Question: #11: How one get out of those Tax shelter deal from the 80s? Pay back tax? I would not mind.?
Thanks, it is legal... And has been there for 25 years. I have a CPA doing my TAX every year. He is charging me close to thousand dollars for an otherwise simple return. And he will not answer any questions about these tax shelters. I guess it is his "Job Security".As I get older and like to put my papers in order is the main reason that I want to get out and pay those tax.
- asked by Trapped
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- answered by: Grampy
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Question: #12: Can I set up a tax-exempt "church" as a tax shelter for my income?
How difficult is this? Would I have to hold "services" and that kind of stuff?I don't have an employer; certainly not one who issues W2 or other forms.Assume, hypothetically, that I already have a method of making income appear to be legitimate "contributions" and "donations."
- asked by Proust
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- answered by: Bryce
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Question: #13: Can I "rollover" my tax shelter to a mutual fund when I am 59 1/2?
- asked by pomelosranch
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- answered by: oakhill
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Question: #14: Understanding the tax shelter in investment real state...?
I'm a construction worker who bought and is rehabbing a building in my town. The building will be sweet when I'm done but I don't fully understand the shelter game, as in how will it effect my personal income(LLC)? The main question is how much will I make annually vs selling it outright for a profit.Conservative net income after debt service=$15,000Purchase price=$80,000Capital improvements=$30,000+Grant program(I have reciepts, they reimbursed me)=$30,000Depreciation=?Mortgage interest=$8,400 1st full yearTaxes=$6,800(accounted for taxes before computing net income)Could sell easily for $170,000 for profit of $60,000 before taxes.Would probably sit on it and try and get $200,000 for a profit of $90,000 before taxes.I borrowed $130,000. $80 to buy, $30 to rehab, $20 in oh no money.How much loss can I write off on my presonal taxes ie how big a loss can I show? House hold income is about $50,000. Bear in mind that I have about $20,000 in other Ded.s
- asked by cptviggi
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- answered by: NY PTK
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Question: #15: what to do with excess money? We max out all investments, but need to tax shelter more.?
please don't be a smart mouth and answer "give it to me." We max out our Roth IRAs, 401K, and (2) 529 plans. We still have too much in bank accounts. What else should we do?I should add that we give quite a bit to pro-life organizations and a few other charities.
- asked by ohioconservative
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- answered by: girlwhoknowsitstrue
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Question: #16: Do you think republicans will make piles of tax shelter money when they lose in 2008?
to hold on to those BUSHCO tax breaks they loved?as they go down in flames!!!
- asked by freepress04
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- answered by: Moody Red
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Question: #17: how do i choose a tax shelter annuity plan or company?
- asked by Linda G
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- answered by: dltcpa
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Question: #18: I am a Canadian looking to set up an overseas bank account (re. tax shelter), any suggestions?
I am about sign a personal services contract with a UK based company. The contract will pay me significant $$$$ over the next few years. I would like to shelter some of my earnings by putting the majority of funds in an offshore account.Being Canadian I am curious to know if there are preferential locations.... Caymans.... Isle of Man.... etcAs well I am unsure as to which banks are more reliable than others. Any pointers would be appreciated.
- asked by Robert T
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- answered by: my16paws
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Question: #19: purchased house as individ & own co w/c pays for mortge, can co use this as tax shelter?
- asked by jj
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- answered by: PepsiLime
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Question: #20: when i close my tax sheltered annuity account do i need to pay taxes on the withdrawn money?
my understanding is that a tax sheltered annuity is the same thing as a 410k or 403b is this correct?
- asked by andygatesactor
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- answered by: bzzzzt_007
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Question: #21: Will increases in taxes to big business drive big business out of the US to tax sheltered places?
It looks like places in the world like Dubai have been prepping for this. Are International businesses that got their starts in the US going to abandon this country because they feel they can extract bigger profits from foreign favorable tax sheltered residencies?
- asked by skahhh
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- answered by: Tom S
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Question: #22: Is it better to put retirement savings in a Roth IRA or tax-sheltered annuity?
My employer offers a 401(a) pension plan to which they make contributions. I plan on enrolling in this so that I will get the max contribution from them. For other retirement savings, they also offer a tax-sheltered annuity 403(b) plan. Would it be better to contribute to a Roth IRA or participate in the 403(b) plan for my retirement savings?
- asked by honey
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- answered by: joeiselvis
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Question: #23: Where can I find a list of tax shelters, havens?
I 've heard that some tax shelters are more dodgy than others. Is there a site where they are listed and rated?
- asked by Frank B
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- answered by: Bear Naked View All Answers (4)
Question: #24: would you pay $2 extra a year on your income tax to support a kill free animal shelter?
i wrote to the president about this ideal of course he most likely wont read it. its just i think this senseless killing needs to stop. and maybe give vets a tax break for every animal they spade or neuter for free ( for low income familys only) what are your ideals?http://unitedfaithministries.com/guardians.aspx
- asked by raven_sunn
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- answered by: MnKLmT
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Question: #25: 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
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- answered by: Ted
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Question: #26: Tax shelter for the retired??
My mom is 62 years old and retired two years ago. She's been living off her savings and interest income she collects monthly from a local bank. I believe she earns about 5.2% in interest from a base of $500k. Now, is there some sort of tax shelter for someone that's retired? What other options does she have in putting the money somewhere else to maximize her return? I'm not too familiar with retirement plans and if she's qualified to set aside money into any sort of plan. I'm thinking there are better ways to invest her $800k for better return or tax shleter. please share your thoughts. Thanks in advance for your thoughtful answers.
- asked by yah27
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- answered by: naekuo View All Answers (1)
Question: #27: How to shelter/avoid tax in Canada?
- asked by Atlas
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- answered by: CanadianBlondie View All Answers (4)
Question: #28: 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
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- answered by: shiprepairwoman View All Answers (3)
Question: #29: Offshore company for tax shelter?
If I set up an offshore company for the purpose of trading stock and investing, can I save money on capital gains tax? I am considering creating an offshore company in a country with no capital gains tax. I could then distribute money to shareholders (myself) as dividends thus lowering my taxes. Has anyone done this? If so, what country should I incorporate in and what is the cost?
- asked by SF
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- answered by: PepsiLime View All Answers (2)
Question: #30: Will Dem's drop Edwards for Off-shore Tax Shelter Hypocrisy?
John Edwards earns $480,000 as a part time consultant with a Cayman Islands hedge fund. He has campaigned in 2004 and this year against offshore tax shelters. Shouldn't he remove himself from the race?http://www.caymannetnews.com/cgi-script/csArticles/articles/000143/014387.htmAnother source: http://www.washingtonpost.com/wp-dyn/content/article/2007/04/22/AR2007042201339.html
- asked by ROIHUNTER
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- answered by: HSK's mama
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