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| *Loan,banking and credit>>>tax bracket |
What are good (legal) ways to reduce tax burden if your in a high tax bracket? What is a trust fund? |
What are good (legal) ways to reduce tax burden if your in a high tax bracket? What is a trust fund? A trust fund is a Trust with assets that you inherit from parents or other family members. This will not help you in reducing your tax bracket. I would assume then that you have much more money in salary than you need to spend. 1st I would buy a home if you do not yet have one and maybe a vacation home. I would max out all Tax Deductable savings options like 401K's, IRA's, Roth IRA's etc. Then, I would identify all longe-term dollars. Dollars that I would not need until I am age 59 1/2 or older. Why pay Taxes at the highest margional tax rate on intesrest off these assets when you do not need to????? With these Dollars I would: 1. Over Fund (Max Out) an Equity Index Life Policy to meet my life insurance needs and to defer all taxes on interest earnings until I chose to pay them, in a lower tax bracket in the future. Go to http://www.joesalvemini.com/life_insuran... 2. Buy Fixed Index Annuities and other deferred annuities to defer the taxes on this interest earnings until I chose to pay them, in a lower tax bracket in the future. Go to: http://www.jdsannuities.com/index_annuit... 3. If I am really wealthy, I will also invest in a diversified portfolio of Municiple bonds and stocks. Stocks for only 20% of all my total dollars. I want to stay wealthy and Not lose any money. Go to: Ameritrade do you have kids? if so then open an education IRA for them. If not then contact your bank and ask them about their IRA's they can give you plenty of advice on them and for free. (with an IRA you can still donate money before you file your taxes in the next tax year and the money you put in is taken off as a deduction from your taxes) Also look into donating your time or old clothes to a charitable organization, they will appreciate it and you can take it off your taxes without giving them any tangible cash(your time, gas spent to run errands for them, and the depreciated value of your clothes) If you are in business for yourself, try to make as many meals you take during the day business oriented as possible. They will be completely tax deductable Also go the IRS's website and look at some of the publications, they can give you more information |
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