i am making too much money to contribute to ira or roth my 403(b) is in full max how can i sheltered my income

Question

all my income is from working in the hospital. is there any way to defered taxes.

Answer 1

Retirement accounts like 401(k)s, 403(b)s and the IRAs are excellent tax shelters because you can invest in a wide variety of investments through them. However, most tax shelters are built around particular investment products. That's because most tax shelters are the product of political lobbying by special interests that get a shelter for a product they sell. The insurance industry is a good example--whole life policies and annuities are tax sheltered. But their value as investments is limited by their high fees, low returns and confusing terms.

Another common tax shelter is the municipal bond. But municipals bonds have low returns (even after the tax benefit is counted), and sometimes default. So you can lose money investing in muni bonds.

Don't let the availability of a tax shelter determine where you invest. You may simply be falling for the game that some special interest group wants you to play. Invest in a diversified way that spreads your risks out. There will be some tax sheltering in a diversified portfolio. Gains on stocks and other assets aren't taxed until the stock or other asset is sold. Qualified dividends from common stocks will be taxed at a lower rate than ordinary income (so they get a partial shelter). But don't let the tax laws dictate where you invest. Invest in a financially sensible way.

Answer 2

No....beyond the retirement accounts their really are not unless you want to become a landlord.

If done correctly, rental real estate can generate positive cash flow but a tax loss. Unfortunately, if your income is too high, you don't get to claim the loss anyway.

You can not start a business just to lose money. You must have a profit motive.

Answer 3

Once you've maxed out your 403(b), it's hard to find tax-deferred options. Your best bet is tax-free municipal bonds or investing through a VUL (which is a life insurance policy). Actually, before that you should talk with a planner because bonds will only get you so much return and VULs come with fees and limitations. I found my financial planner through www.plannerconnect.com, you could try it.

Answer 4

Real estate investments and pay interest, Charitable contributions, Speak with your accountant. Start a small business to write stuff off.

Answer 5

One possible option is to invest in tax-managed mutual funds. The purpose of these funds are to minimize taxable income. The managers of these funds seeks to provide a tax-efficient investment return to the investor. I would look into Vanguard and T. Rowe Price just as a starting point, and then research other fund company offerings.

Answer 6

Compare rates free

Answer 7

Have you thought about buying real estate?