Hello,
Here is me and the DW situation. We are both in our early 50's. Have minimal deductions, no small children, house payments etc. She maxes out her 401k, I have no retirement program at work. Our income includes about $140k per year of taxable CD interest. I have saved 300k in a SEP years ago. I am being approached at all angles on how to save taxes by whole life insurance etc , etc, etc. We are in the top tax bracket, live in a state that has income tax and will be in that bracket for at least the next 5 years. Been approached about land credits etc. Most of it sounds like bull****. Just paid my second qtr estimated taxes at 48K. Have learned more on this forum and could use the advice. We have started putting money into muni's but really wont make much of a dent in our taxes. Any advice would be great on how to trim the tax bill... legally! thanks
Here is me and the DW situation. We are both in our early 50's. Have minimal deductions, no small children, house payments etc. She maxes out her 401k, I have no retirement program at work. Our income includes about $140k per year of taxable CD interest. I have saved 300k in a SEP years ago. I am being approached at all angles on how to save taxes by whole life insurance etc , etc, etc. We are in the top tax bracket, live in a state that has income tax and will be in that bracket for at least the next 5 years. Been approached about land credits etc. Most of it sounds like bull****. Just paid my second qtr estimated taxes at 48K. Have learned more on this forum and could use the advice. We have started putting money into muni's but really wont make much of a dent in our taxes. Any advice would be great on how to trim the tax bill... legally! thanks