Do tell! I'm around that income level and would love to find all these rumored tax tax advantages that apparently exist for us "rich" people.
So far, I don't qualify for earned income tax credit, American Opportunity Credit, Lifetime Learning Credit, deductions for tuition/fees, student loan interest deduction, saver's credit, or even a deductible Traditional IRA.
Mommy, their calling me rich, tell them to stop!
Hmm, I'm in that income area also, and I'm taking full advantage of all the tax advantages.
And I may have several advantages being self employed, those would be SEP/IRA, deductible health insurance and deducting half my SS tax. (but I pay both halves)
75k income, 22k Ordinary dividends, 7.5k Qualified dividends and 11k interest.
Total income $115.5K, no tax on the qualified dividends, $108k. $3000 capital loss, $105k.
Health savings account deduction, $97.4k. Deductible part of SS, $92k. Two SEP's $78k.
Self employed health Insurance $68k. Standard deduction 12k $56k,
4 personal exemptions, $40k.
So now I'm down to $40k taxable income, the tax is about $3,900,
but, I also get education credits off my tax bill of $3k, so the total tax paid $900.00.
That was an exceptional year, I'll lose one personal excemption and education credit, but not
the costs next year. The new tax bill will probably increase my taxes, but you can see I can't really complain, but I will.
I just notice my Ordinary dividends, qualified dividends and interest are producing $40.5k.
Looks like I made it... I'm mostly retired, my wife still wants to work.