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What is a good investment that will lower a contractor's tax burden? |
As I contractor, I don't have a 401(k). However, I do make ok money. What I would like to do is find out what options I have to lower my overall tax burden AND contribute to an investment vehicle. Overtaxing = bad. You can establish a traditional IRA. Contribuitions to it are tax defered as is the income that it generates. You can invest in municiple bonds. All income from those are tax exempt from federal taxes. You can invest in sound stocks with good growth prospects long term and leave your money in them. No tax on captial gains until you sell. Dividends are taxed at a favorable rate compared to regular income. You can establish a Ross IRA. There is no tax ever on income that is generated in a Ross IRA, but contributions are after tax. You can invest in rental properties. Depreciation shelters most of your income. talk to the bank Set up a retirement plan. SIMPLE-IRA, SEP-IRA, KEOGH, Traditional or ROTH IRA, etc. Depends on your situation, look into the SIMPLE one first. Sfred is right ! An IRA is your answer AND it will help secure your future as well. Self employed people need to be thinking about this LONG before retirement !!! |
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