Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (23) | Ignore Thread Prev | Next
Author: markfamily One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Any advice on reducing taxable income? Date: 9/30/2008 10:04 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
We have 2 kids, a 2 yr old and 5 yr old. My husband is an allergist, with a base salary of $165K and got two bonuses, one $10K (had taxes taken out) and one pending one of $40K (has not yet received; isn't sure whether to get taxes taken out.) My salary is $65K.

We are contributing as much as we are allowed to to 401ks. Is there anything else we can do to put the money aside and reduce our taxable income? What about a trust for the kids? Would this help? We don't need to have access to the bonus money (most of it, anyway) and would be happy to have it go into savings for the kids...if there is anyway to do this and lower our tax bracket, we are all for that. (Otherwise we will put much of it in their 529s...but what we really hope for is a solution to lower taxes, if possible.)
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (23) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.