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Posting as :
works at
You are currently posting as works at

Here’s a simple pro tip the IRS absolutely HATES:
Commit tax fraud

funnylikesmart

The government knows how to spend your hard earned money much better than you do. Pay up bucks

likefunny

Lol well taxes are taxes. You can buy home with massive mortgage

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Rental property- depreciation each year comes off your regular income

likesmart

Hence my edit.

Wait till you get to 2x, 3x of your TC. You are going to really cry then.

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I pay a marriage penalty given combined income

Following, need a way to shield money. Could I just have a PO Box in like South Dakota and go there for 1 month stints at a time to “live there”??

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Loopholes were deliberately written into the tax code for the rich to take advantage of them. It’s shady but legal.

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Welcome to the disappearing middle/ upper middle class

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The tax code is so generous that there’s no need to hide money; especially since hiding money is illegal.

I live in a HCOL and pay no state taxes. This is all completely legal and it’s not even grey area. Like, really, once I reached a certain income threshold ($135k) I realized that this entire tax system was designed so that the salary class (you) pay for the asset class to build assets

Edit: example, if you own 5-20 acres of property, see if you can get some beehives and qualify for an Ag exemption. I don’t know your situation so I don’t know what strategies I’d take. If you live in a town house maybe dedicate a room to your side business for tax purposes. I’m not a tax professional or CPA so seek professional assistance. Remember, there’s no need to do anything shady or illegal since the rich have written the tax code and are very generous to themselves

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A11- the rules changed in 2018 regarding unreimbursed job related expenses for w2 employees

Do you own a house?

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D1, you aren’t getting your interest and property tax deducted from your gross income?

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Puerrrto ricoo mi amigo!

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¡Wepa vine aquí pa decir esto!

Ummmm you get a wife and some kids and a house. If you’re single the government just fucks you real hard and comes back for more after they cut the checks to the families

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A husband* but you're right

likefunny

Hire Arthur Anderson

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Get a financial planner to help answer your questions.

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I have one🙃
Spoke with them yesterday before I posted this. Was just checking for blind spots

And don't get me started on bonus taxing🥲

Bonuses are taxed at your regular marginal income tax rate.

What you’re probably referring to is that they are typically withheld at a higher rate, but you’ll get any difference back when you file your taxes in the spring, either as part of your refund or as a credit against any taxes you may owe.

likesmarthelpful

roth ira

A12- yes there are income limits for Roth IRA , depending on your individual situation you can either contribute a reduced amount or $0 to a Roth IRA in a given year.

It’s minor but a FSA if your company has one…if you have an HSA can only use it on dental and vision expenses

If you’re looking at a new car within the next year or two check out the EVs / PHEVs tax credit - max up to 7500 depending on car

Correct - FSA cannot be used for medical IF you also have an HSA

Business

Buy farm credits. There's usually brokers (varies by state) to assist. Good way to not pay

uh

Following this myself also

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