Tax Shelters - Advice on how to keep your money

[PhenomTheMac]

I'm looking at jumping a few tax brackets in the upcoming year and am looking for ways/strategies to stiff arm uncle sam from as much of my money as possible.

I know some of the vehicles available to me, but am hoping for advice on how to best structure my income to keep it out of the taxmans hands.

Any vets out there that can share some wisdom on this?

 

[Banginscrew901]

In the same boat with you. Was told to get a cpa that's knowledgeable in your field.

 

[Banginscrew901]

Keep business separate from your personal. And pay yourself thru the business

 

[DOS_patos]

Your question is a bit vague

 

[PhenomTheMac]

Your question is a bit vague

I'm trying to place as much of money in tax deferred accounts as possible, to keep the maximum amount of money and/or lower my tax bracket so that I can be taxed at a lower rate.

What kind of IRA should I be looking at for that purpose? What kind of securities should I place in it? Should I open an LLC to increase the max contributions I can make? If there are more specific answers I can provide let me know, but really just trying to structure accounts to maximize what I make without just handing it back over in taxes.

 

[DOS_patos]

I'm trying to place as much of money in tax deferred accounts as possible, to keep the maximum amount of money and/or lower my tax bracket so that I can be taxed at a lower rate.

What kind of IRA should I be looking at for that purpose? What kind of securities should I place in it? Should I open an LLC to increase the max contributions I can make? If there are more specific answers I can provide let me know, but really just trying to structure accounts to maximize what I make without just handing it back over in taxes.

Are you talking about a job or business?

 

[PhenomTheMac]

Are you talking about a job or business?

I started a new job, so this is for me personally.

 

[DOS_patos]

I started a new job, so this is for me personally.

I thank you pointing out things to help me settle in the bay….. I say that to say I got you.
This is a long game with some footwork on your side. Once it’s done , you’ll be good.

i am assuming you are American, so thats a bit of a downfall working for someone else. It’s still ways around it but the US is not to be played with. Trust me. But I’ll help as much as I can.

 

[PhenomTheMac]

I thank you pointing out things to help me settle in the bay….. I say that to say I got you.
This is a long game with some footwork on your side. Once it’s done , you’ll be good.

i am assuming you are American, so thats a bit of a downfall working for someone else. It’s still ways around it but the US is not to be played with. Trust me. But I’ll help as much as I can.

I'm all for it. And as far as the bay goes, I was glad to help and if you ever got questions about getting around I got you on that too.

 

[William00]

I didn't know there were ways on here about how to keep your money besides how to beat the IRS rules. I'm talking about pay stubs, which is a good option for those who like to save money. I know how the IRS handles the finances of investors, teachers, factory workers... This is not a fair solution to the world's problems or economic situation, so I found a way to create pay stub. So far, it's practical for my finances, so I'll stick with that opinion if you don't mind.