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Help! I could use some suggestions/advice on reasonable tax shelters. I was just thinking about our tax burden and it's out of hand, IMO... My spouse and I earn close to 160k/yr combined. We've refied our mortgage from 7.25 to 5.8 and adjusted witholding to minimize tax returns. We also both contribute the max to employer 401Ks; we don't qualify for meaningful IRA contributions. No house apes-aka children- yet or expected. I've thought of purchasing a rental property, but found that income must be below 100k to take advantage of the writeoffs associated with that. The only alternative I can think of is to start a small business doing something I enjoy and deduct whatever possible.
O mighty tax gurus, how can we possibly shelter more of our income?? All responses welcome and appreciated!!!
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