I did not expect to become the bread winner after 20 years of marriage. With 2 kids in college, and another in 2 years ! Good news I have doubled my income to over $200k bad news is I estimated my withholding on last years. Bad news I owe $25k in taxes for 2011. I have some savings so I will get it paid right away... Two of our cars are almost paid of, however I help my kids get new cars which they are paying me mostly for each month.( $200 pm) and I make sure they pay me either out of their student loan or from their part time job. We don't own a house, we rent (3 year lease agreement). I have some business right offs but nothing to make a dent in my taxable earnings. Heres where I need advice.
- What can I do investment wise to lower my taxable income. How much can I invest same with my husband
- Should we start thinking about buying or building a house?is it worth it...
- Are there any tax shelters I should be taking advantage of?
My income is already over $70k in April 2012. And it's going to be another good year... It's hard to get back into the mode of being a respectable american after having everything take such a dive since 2008. It's good to be back on my feet again but I want to take precautions this time... Any ideas out there?