We owed so much in taxes this year but it's partially because we're doing lots of things right... low interest on our mortgage, a town that doesn't have super high taxes, no school loans, earned a work bonuses, and did well with investments. It feels like we're being penalized for having a financial plan.
To keep from owing this much again, my husband and I are both having additional money taking out of our paychecks. But what else can we do to keep more of our own money? Would it be smart to start a small business for write-offs? Do we open a different type of account? Also, how do you calculate whether or not you can contribute to an IRA?... we've been told in the past we can't but I never understood why.
Thanks in advance for your help!
