I have fortunately(?) reached an annual income level that puts me in the highest tax bracket. In Vermont that means a combined Federal and State bracket of just under 50%. Where can I find strategies that will help reduce my tax liability? I am maxing 401K and we both buy IRA's and are considering variable annuities for life insurance and to defer taxes. Any thoughts?We are starting a business that my wife will manage and taht I will participate in part time. We are buying old furniture/pieces (100+ years old) and manufacturing reproductions using original materials and processes. These will be sold via consignment lowering our retail/markrting costs. We are planning to travel world-wide to find the pieces/parts. We will build a large post & beam barn as a re-manufacturing facility and will sub-contract labor. Also are purchasing a truck and an all wheel drive wagon for use in the business.Can we mix incomes (my salary/commossions and those of this new business) and take start-up losses against my high income?Any help appreciated!!
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