Tax Planning for Life Events - High Income
Labels: Retirement Planning, Tax Planning
During tax season we reckon with multiple facets of the massive, quirky, and complex US tax code. While most tax activity involves cash flowing passively from us to the government, some of it requires action on our part to reverse the flow back to us. For perspective on these tax management activities, let’s think of the US tax code as a board game.
Life events, their taxes (and strategies to deal with them)
High Income
If you’ve achieved the goal of professional success and the income that comes with it, you face a problem you might have relished when you were on the way up and eating ramen noodles – higher income taxes. Such high income can exceed the level of current living expenses, so it’s smart to look for ways to channel extra cash away from current income taxes. You’ll pay taxes on the money and its growth eventually, but hopefully at a lower rate.
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