Deductibles are capped at $80k only for next FY (ie 2017 income earned)
I guess if u r earning so much, this doesnt matter much lah.
Quote:
Originally Posted by Unregistered
Deductibles are capped at $80k?
Anyhow, I think we should look at it from the perspective that we have to pay such high taxes because we are earning a good income. My wife and I have been paying $40k (combined) in taxes annually. Yes, admittedly it is painful to see this amount going out and not spent on some purchases or holidays. Since we cannot minimise the income tax we pay, short of earning less or contributing significantly to charity, we invest for passive income. As of last year, our passive income was sufficient to cover our annual expenses including the $40k income tax!
We are now practically saving our full salary each year.
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