Strategy, taxes & saving

[VettenParticipant 110]

I searched through the topics and didn’t see anything I could jump into, so here goes.

For you tax guys, strategists and accumulators. What method do you use?

I am going to get totally hammered this year but hope to keep it to just this year. Divorce was final the day before valentines day this year, how appropriate, I know. In the process of building a new house, set to close in March 2016. This is not the house I plan to retire in, just a place I can get into to stop paying someone rent. It’s a four bedroom near good schools so it will be appealing to family when the time comes to move on. No write offs this year, just single and nothing to claim. I expect the worse, so my withholding’s have been single and none all this year. Next year I need a strategy to maximize the retention of what I earn, I’m 50.

I plan on maxing out my IRA contribution for this year.

No kids & no alimony.

I’m a saver, I still have fun but never realized how far my salary would go being married.

Just curious what you guys in this line of work or just knowledgeable for that matter, what strategy do you use?
Thanks.

[RoyDalParticipant]

Vetten wrote:

For you tax guys, strategists and accumulators. What method do you use?

Income producing rental real estate did it for me. I am independent financially because I bought rental properties and held on to them.

(I also do a stock thing, but it is too complicated to explain.)

Society asks MGTOWs: Why are you not making more tax-slaves?

[VettenParticipant 110]

Thanks RoyDal, but I’m not at the income property level yet, good for you though I hope to be there one day, nothing like recurring revenue.

Mainly trying to minimize my tax exposure and keep as much of my income as I can.

[MalfunctionNeedInputParticipant 257]

Vetten wrote:

Thanks RoyDal, but I’m not at the income property level yet, good for you though I hope to be there one day, nothing like recurring revenue.

Mainly trying to minimize my tax exposure and keep as much of my income as I can.

This is what I need as my tax bracket will f~~~ me this year due to my divorce…I’ve saved up just in case though.

Honestly Vitten though, you can check online, lots of different resources out there on the web. It sucks but if you’re willing to pay a CPA firm could help you out too.

Best thing to minimize tax exposure is utilize your 401K, get an HSA if you can as that’s tax free, utilize whatever exemptions you can when filing your taxes. You can even use losses in stocks that you may have sold to help you on your taxes, I did that this year as I needed the money after my divorce. Quite a few ways. Good luck.

The important thing is not to stop questioning. Curiosity has its own reason for existing. One cannot help but be in awe when he contemplates the mysteries of eternity, of life, of the marvelous structure of reality. It is enough if one tries merely to comprehend a little of this mystery every day. Never lose a holy curiosity. --Einstein

[MadmanParticipant 772]

http://www.gocurrycracker.com/never-pay-taxes-again/

[Anonymous 29]

Well I’m not a trained book keeper or an accountant, but I did own a business management company for 8 years dealing with
similar questions you are talking about.
My first question before commenting on your topic is. . . . . what line of work are you in ?

[SeventhMomentParticipant 0]

In American constitutional law, one is not subject to any internal revenue tax unless one is exercising federal privilege. Long story short, the majority of Americans are not subject to Federal, State, Social Security or Medicare taxes under the written rule of law.

200,000+ Americans are already acting on this information and effectively giving themselves 30% raises!

Check out a website called http://www.losthorizons.com for the best information about tax laws and steps you can take to free your paycheck and bank account from criminal government tyranny.

MGTOW FOREVAR!!!!

[AntaresParticipant 208]

Vetten wrote:

I’m not at the income property level yet

Not entirely true. You live in a house, and this can be sold in 2 years for up to $250k with no capital gains, assuming of course you sell it for a profit. If you hop to a new house every few years (which is healthy, but “needs work”) you can bank a fair amount of money over time.

The IRA/401k thing gets complicated depending on what’s available to you and how much you want to save. If you have no other options, a traditional IRA is your best bet. A 401k is always superior with a match, then to a Roth IRA. Regardless of what you have now, I highly recommend reading up on and understanding how a Roth pipeline works.

For accounts outside of tax advantaged, I did loss harvesting myself. In part because I had to offset profits from another stock I sold. I’m more of a buy and hold guy, but some situations it comes in handy.

Price is what you pay, value is what you get. -- Ben Graham

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