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May 26, 2015
8:47:57am
There are certain levels that tax deductions fade out. There are a number of
ways to deal with this and manage them, but they usually involve pushing when the taxes are going to be paid out. Two things in life are certain, death and taxes. There is a certain level, however, that taxes more likely to be paid as deductions fade out. I pitched a fit to our accountant the first time I hit that level. We have had a tax attorney and several tax accountants on retainer and have yet to find a magic bullet. Having said that, there are a number of deductions that may still be taken advantage of regardless of income level--one just has to search for them and examine qualifications as the government has over the past several decades been strangling the tax loopholes and closing them down. US Master Tax Guide has some good information as well as Lower Your Taxes Big Time written by a former IRS attorney. Another one is Tax Avoidance Strategies, which is based on IRS cases, although they are mostly focused on businesses and are a collection of US Court of Appeals tax cases and the strategies that were employed and the rulings as to their validity.
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