Tax breaks are money in your pocket. Think about all the ways you can reinvest that money.
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How can married couples act on the many tax breaks they have access to and use them to build wealth? Two certified public accountants share a few strategies for couples to consider. Wilson adds that married folks can also consider alternative investments, such as commodities, gold, silver, royalties or music catalogs.“The best investments are going to be in line with how that person wants to leave an influence on the world,” Wilson says.Strategy 2: Real estate Married couples who own a property may be able to sell it and exclude some of the real estate capital gains tax from their income.
Check out: Want a 3% interest rate? ‘Assumable mortgages,’ a relic of the 1980s, are here to combat high rates. Some states offer deductions or credits for 529 plan contributions. A perk for married couples is that in many states, joint filers can deduct double the amount than single filers, lowering their taxable income. The amount joint filers can deduct varies from state to state.Another way married people can benefit from 529 plan tax benefits is with the federal gift tax exclusion.
“If you are married, filing jointly and your spouse is investing in starting a business, there may be a net loss from that business venture on the joint tax return because that spouse was investing in maybe educational courses start their business,” she says.
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