Ways to reduce my familys tax bill

[ihaveaquestion]

Hello,

I am married with no children. Last year I was fortunate to be in the top tax bracket for earned income. I anticipate to be in this bracket again this year. My wife works but will likely quit soon as we expect a child.

I own my own home with a mortgage as a primary residence.

I contribute max to my employers 401k. My wife does not have a 401k (but again, will be likely done working soon). My wife earns under 100k a year.

1. Am I right that the only feasible tax credit I may be eligible for is solar investment in my home? (and at 30% of cost, it isnt a money saver unless its something the home needs).

2. I have some cash saved for investment, what are some tax smart investments that I can make? I invest in Munis and am considering MLPs. Is there anything else I should be looking at? I am open to almost any asset class.

3. What are other ideas of strategies that we can employ on earnings or investments to reduce our tax bill this year?

Thank you in advance.

[feh]

http://lmgtfy.com/?q=ways+to+reduce+taxable+income

[juvy]

consult an expert

[YolandoAmaya]

There is various tax-smart strategies from which you can reduce your tax. The main motto of your financial planning is to arrange your financial affairs so as to minimize your taxes. Contribute to tax-efficient accounts, Diversify your account types, Choose tax-efficient investments.

[johnt78]

Your family is always there to give you support -- not just emotional, but sometimes financial as well. For instance, your family members can be of great help for saving on taxes. However, all your investments and spending for your family are not eligible for tax rebates. There are rules and some of them are pretty complex.