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8 Ways Married Couples Can Use Tax Breaks to Build Wealth
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[QUOTE="Yusra3, post: 330704, member: 31907"] As April nears, married couples should explore strategic ways to maximize tax benefits and drive long-term wealth growth. Here are 8 impactful tactics to consider: [B]Open Spousal IRAs[/B] While income limits restrict some IRA contributions, couples can each fund IRAs in the other's name regardless of who earns the income. This effectively doubles tax-advantaged retirement savings annually. [B]Maximize 401(k) Matching [/B] Many employers match a percentage of 401(k) contributions. Couples should ensure they fully earn all available matching funds, essentially gaining free money. [B]Mega Backdoor Roth IRA[/B] For couples with ample income, mega backdoor Roth IRAs allow after-tax 401(k) contributions to be converted to Roth IRAs for exponential tax-free growth potential. [B] Claim Earned Income Tax Credit [/B] Lower earning spouses can help couples qualify for EITC, a credit worth up to $6,728 for families with children. This provides an extra tax refund boost. [B]Income Shifting [/B] Shifting the ownership of assets, deductions and income between spouses to maximize brackets can yield more favorable rates and deductions. Consult a tax pro on legal shifting strategies. [B]Split Gift Tax Exclusions[/B] By gifting assets separately, spouses can use two annual $16,000 gift tax exclusions for more tax-free gifting to heirs. This accelerates intergenerational wealth transfers. [B]Bunch Itemized Deductions [/B] Strategically timing deductible expenses like charitable gifts and medical procedures around alternating high/low income years yields bigger deductions. [B]File Status Options [/B] Depending on income breakdowns, alternate filing as joint, separate or head of household changes tax liabilities. Crunch numbers to determine optimal status. Leveraging all available credits, deductions, exclusions and income-shifting tactics allows married couples to retain more wealth over a lifetime. Consult tax and financial advisors to craft a personalized optimization plan. Being proactive on taxes leads to long-term savings. [/QUOTE]
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8 Ways Married Couples Can Use Tax Breaks to Build Wealth
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