Expert Q&A
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Email to a FriendMy after-tax income from my small business is greatly reduced by the incomes taxes I pay each year; is it true that I can reduce the amount of taxes I owe by shifting my income elsewhere?
Related Topics: Tax Returns and Preparation, Taxes
Related Tags: Tax Planning, Taxes, Business Owner, Income Taxes
By Toni L. House MBA/ Published Author - First Tax Solution LLC
Answered 8 months ago
You can contribute to an IRA the amounts for 2010 are
up to $5,000 below age 50 $6,000 age 50 to age 70 1/2, of course there are some exceptions. For more information you may contact me if you like.
