2007-03-02 10:50:16 · 3 answers · asked by Tax Help 1 in Business & Finance ➔ Taxes ➔ United States
Make 401ks,
Evaluate IRAs
Consider annuitys, as long as everything else is taken care of (like Long Term Care, Long Term Disability---these should be portable...not end with your job).
Buy propertys, start a business.
Consider how you're employed currently...you may benefit from setting up as an LLC. And paying yourselves, trusts, etcs.
Above all, consult a tax attorney and a CFP -- to cover all your details.
2007-03-02 10:56:07 · answer #1 · answered by Shauno 2 · 1⤊ 0⤋
For 2006, if you havent done so already, it would be too late to make charitable contributions or maximize your 401(k) contributions.
In the future consider donating stocks with low costs instead of selling them and realizing high capital gains. You would get the fair market value of the stock as a deduction.
If either of you are self-employed, consider opening a SEP retirement plan. You can get huge tax savings from a deductible contribution to a SEP plan. A self-employed person can also deduct health insurance premiums in full as an adjustment to adjusted gross income (AGI).
2007-03-02 11:47:38 · answer #2 · answered by tma 6 · 0⤊ 0⤋
Give your income away to charity.
2007-03-02 10:57:47 · answer #3 · answered by Larry 6 · 1⤊ 1⤋