249-How Dual-Income, High-Earning Couples can Lower Their Income Taxes

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 14 October 2015

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of the benefits that $200/mo. Patrons of Radical Personal Finance get is being able to choose a topic of the show.

Here's the note that prompted today's episode:

Joshua,

Double income medium- to high-earning couples frequently ask me how to lower their taxes (the second income is at a higher rate of >28%, plus state 3.75% and social security 7.65 or 40% all in).

I don't have a lot to tell them:
-calculate whether it's worth it for second spouse to work ('Money or Your Life' style-after tax/child care/gas income per hour of total time spent at job (commuting and working)
-weigh the qualitative factors
-max 401k
-invest in real estate

I'm assuming I'm missing things. What do you have to say on the subject?

One reason my wife doesn't work is that its not worth it.

Thanks,

Patron

Today's episode includes my response and advice for how couples can approach this conundrum!

Joshua

Need a financial advisor? Start your search here: http://radicalpersonalfinance.com/paladin
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Want to support the show? Go here: http://radicalpersonalfinance.com/patron

Transcript

Click on a timestamp to play from that location

0:00.0	Today on the show we tackle this question, how can dual income, high earning couples
0:06.8	lower their income taxes?
0:08.6	And I'm going to give you a litany of ideas.
0:10.7	I'm going to give you an overall framework for how to think about this problem.
0:14.3	Then I'm going to systematically go through a bunch of credits, deductions, itemized
0:21.4	options for you that you might be able to use to lower your income taxes if
0:26.0	this describes you. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your
0:47.6	host. Thank you so much for being with me today. Thrilled to bring you this
0:51.3	question and today's show is a special Q&A show comes just gonna handle this one question
0:57.0	But this question comes from a patron of the show
1:00.1	One of the benefits of patronage at the $200 a month level is that you get to pick the topic of the show and today
1:06.3	This is a special request
1:08.8	Q&A from Joshua. If you haven't been over to the Patreon page recently,
1:20.0	then feel free to go over there, but you'll see as you march up you can support
1:23.6	the show at radical personal finest dot com slash patron and there on that page I've
1:27.4	got a bunch of bribes for you so you can contribute as little as a buck a month
1:30.4	or even up as high as a couple hundred dollars a month and there are a number
1:33.9	of supporters of the show who send me a couple hundred dollars a month and in
1:37.2	exchange for that there are a number of different benefits that program by the way is
1:40.1	sold out right now although you can still send me money and I would greatly appreciate
1:44.4	it, but the benefits are sold out.
1:46.4	But there are a number of benefits that that level of support gets.
	...

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