How do you decrease your taxable income to stay on certain bracket? 401k, What’s else?
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Seems somewhat fitting to ask in this bowl. Has anybody experienced Chapter 13 Bankruptcy? I’m exploring the option to get a fresh restart on bills that got the better of me but am scared to actually do it. I know I’m in too deep and want to do this before I actually do get behind on bills. Any real advice from someone that had to do it? I’m fully recognizing this is my own fault and I’m already embarrassed about it, so keep judgment to a minimum even though I’m judging myself.
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Best long-term investment for $100/month? (Already have 401k) IT worker, wife is a nurse, one kid. Combined income ~$190K. Homeowners, 2 years into a 5.9% mortgage. Already contributing to my company 401k. Looking to invest $100/month recurring for the long term — not picking stocks, just something steady with solid returns and lower risk. Roth IRA index fund? 529? Extra mortgage payments? I-Bonds? What would you recommend? Thanks!
HSA and IRA are options.
IRA traditional or Roth?
Traditional, if you want to reduce taxable income. Roth IRA and 401k don’t reduce income now but are tax free later
529, but only on state level and selected states. funnel some money to your business, even a small one and tag as biz expense. charitable contributions.
HSA, Limited FSA
Capital losses can deduct up to $3k from income I believe
@QT1 does RH send those capital loss information?
Im afraid i dont use RH!
Besides all the pre-tax accounts, everything on a Schedule A will reduce taxable income. But why do you care what bracket you're in? Tax brackets are marginal, so you pay the higher tax rate only on income within that bracket.