While completing my tax return in prior years, I started noticing that I would have a not-insignificant tax bill due from self-employment and side project income unless I found a way to reduce my taxable income. This was especially true for a number of years when I was receiving full-time employment income on top of side-project income. Our (Mrs. 20SF and I file jointly) income levels were above the IRA contribution limits, so we could not contribute to a Traditional IRA. And contributing to a Roth IRA (after-tax) would have defeated the whole purpose of reducing our taxable income. So,
The...
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[Read the rest of the story at 20somethingfinance.com]