Discussion:Tax Shelter Children
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Discussion Forum Index --> General Chat --> Tax Shelter Children
| 3 April 2008 | |
| Have been (jokingly) telling my clients for a few years that children are the best tax shelter around. (Not that most of them need a tax shelter)
Now I know it's true. Have been playing with a client's S corp and personal return all day. Finally got the monster under control and checked to see how much I should 179 in the corp. Due to a strange combination of SE tax, low income so no add'l Child Tax Credit, and no EIC due to investment income too high, this is what I found. Scenario 1: 0 S corp income - Result: $381 due in SE tax Scenario 543: $50,000 S corp income - Result: $381 due in SE tax Anyone else? | |
| 4 April 2008 | |
| Interesting. But what about the case of the lawyer who had 11 kids, and got thrown into AMT. I'll find the cite. | |
| 4 April 2008 | |
| Don't need the cite. Don't believe the gov't should pay us to have children, or chastise the wealthy with too many. Specific situation and was wondering if anyone else has these oddities. Also love when I can get the gov't to subsidize retirement through the tax savers credit. | |
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