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Financial Planning / Tax Strategies


Subject:  Re: Salaried & no-deductions = SOL? Date:  8/30/2001  2:23 PM
Author:  pmarti Number:  53708 of 123001


Always. First, be happy that you're doing so well. Your post shows a lot of the signs of what I call a "taxophobe," and such people are usually vulnerable to scams. Fix firmly in your mind the fact that, even with a 51% combined state/Federal marginal rate, if you spend a dollar to reduce taxable income your pocket has 49 cents less than it did before you reduced your taxes. People have been known to go broke spending money to reduce their taxes.

Second, be sure that you're appropriately expressing your gratitude for your good fortune through charitable contributions. They do go