The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: New income strategies||Date: 10/8/2000 10:47 AM|
|Author: brunson||Number: 40681 of 125696|
Greetings fellow fools. Please bear with a brief description of my current situation before I pose my question.
I live in Florida with my wife and two children. We purchased our first home in May ($145K @ 8.5%) and have no other significant deductions.
I have been offered a job that will start this month which will increase my income by $30K to a total of $68K ($55K salary, $13K annual bonus). My wife earns another $22K bringing us to a total of $90K.
We are paying down $45K in consumer debt (not including home mortgage) and have no investments.
How do I avoid getting killed in taxes? What is the balance between tax reducing investments and debt reduction?
Thanks for the assist.
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