Exactly how many tax shelters are available to a person without

Skidmore

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Fri Nov-12-10 11:07 AM
Original message

Exactly how many tax shelters are available to a person without

children and who doesn't own a business.

We are older empty nesters. Right now the only deductions available to us besides the standard deductions for a couple are 1) interest on our mortgage and 2) charitable giving. We have no tax shelters beyond these. NONE. NONE. NONE. AND I would wager that MOST Americans are not able to use more than these shelters either unless they are self-employed or have a job for which they are allowed business expenses. I'll also wager that the people who file short form probably outnumber those who itemize.

Tax shelters are for the wealthy. Period.

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HopeHoops

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Fri Nov-12-10 11:09 AM
Response to Original message

1. About the closest you could get are Roth IRAs and 401K plans, but they've become a joke.

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Skidmore

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Fri Nov-12-10 11:11 AM
Response to Reply #1

2. Then the next question becomes why are we allowing the government

to cut us in the middle and lower brackets to the quick while allowing those at the top to shelter so much at a time when they are stealing it from us hand over fist?

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HopeHoops

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Fri Nov-12-10 11:14 AM
Response to Reply #2

4. Because we're (at least in name) a democracy and the GOP got out the fear and hate message.

The vast majority of people who voted for teabaggers and other Republicans are going to get fucked sideways just as hard as the rest of us. They're just too damn stupid, afraid, and angry about things they don't understand to have any idea that they were fucking themselves. The people PAYING for the hate messages are the ones who will make out well - they consider that cost "an investment".

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slackmaster

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Fri Nov-12-10 11:11 AM
Response to Original message

3. There are many other potential deductions available for people in your situation

You should direct the question to a tax professional.

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