Tax deductions and investments.

[Yadkin]

Originally Posted by Taurus

This, the CPA firm I use for our taxes also have a team of financial advisors. They tell me how much to invest and how much to take out and when to do it in order to limit my tax rate. The goal is to get the investment accounts converted to post tax as much as possible before the RMD's kick in about 7 years from now.

Explain why you vote Democrat.

[Bruze]

Originally Posted by Taurus

This, the CPA firm I use for our taxes also have a team of financial advisors. They tell me how much to invest and how much to take out and when to do it in order to limit my tax rate. The goal is to get the investment accounts converted to post tax as much as possible before the RMD's kick in about 7 years from now.

They're making nice fees from you, and it's probably not needed unless you have some unusual tax situation.

I let my SEP-IRA continue to compound, tax free, until my first RMD kicked in on January 2022.

I have 1/12 of my RMD taken out of my SEP each month (I'm at Schwab). If I need some of it I take it, the rest gets re-invested in my taxable account.

My SEP continues to compound tax free.

[Taurus]

Originally Posted by Bruze

They're making nice fees from you, and it's probably not needed unless you have some unusual tax situation.

I let my SEP-IRA continue to compound, tax free, until my first RMD kicked in on January 2022.

I have 1/12 of my RMD taken out of my SEP each month (I'm at Schwab). If I need some of it I take it, the rest gets re-invested in my taxable account.

My SEP continues to compound tax free.

Nothing I’ve invested in through them carry fees, they’re paid a commission from the firms we have the annuities with.

[Yadkin]

Originally Posted by Taurus

Nothing I’ve invested in through them carry fees, they’re paid a commission from the firms we have the annuities with.

No fees. Annuities. Now I know why you vote Democrat.

[Kevin68]

Originally Posted by Taurus

Nothing I’ve invested in through them carry fees, they’re paid a commission from the firms we have the annuities with.

...in exchange for a lower, but guaranteed, return.

I doubt they're doing this work for free.

[Rob]

Roth is the way to go since you are young - you pay the taxes up front. But a great accountant will help you take care of all that.

[LATB]

Originally Posted by Yadkin

Explain why you vote Democrat.

"protest vote"

[Taurus]

Originally Posted by Kevin68

...in exchange for a lower, but guaranteed, return.

I doubt they're doing this work for free.

Yup, I have several annuities with one maturing every year to either roll over, cash out or reinvest. They have a hard floor but the highest yield is capped at 9.75% which works well for me in retirement. I have a couple larger investments I manage myself.

Again, I've gone over the fee structure and their compensation comes in the form of an annual commission, no fees to me. That was part of the decision.

[Yadkin]

Originally Posted by LATB

"protest vote"

Zero common sense.

[Big bob]

I always took care of my own money. And let the tax man pay me. I never understood why others give their money to strangers and hope for the best. Then pay capital gains if they are lucky enough to make anything.

[LATB]

Originally Posted by Yadkin

Zero common sense.

Liberals don't have any of that.

[Taurus]

Originally Posted by Big bob

I always took care of my own money. And let the tax man pay me. I never understood why others give their money to strangers and hope for the best. Then pay capital gains if they are lucky enough to make anything.

I take care of my own money but know when to get help. I am not a trained tax accountant, CPA or investment professional and as such I don't have the knowledge to sort through all the laws concerning such. Also, I don't have the network to know what the best investment opportunities are and why.

I don't practice medicine on myself for the same reason. I have done very well enlisting the help of trained professionals, I'm guessing many here have. But if you have the knowledge good for you, I know my shortcomings and are smart enough to as for help.

[Big bob]

Originally Posted by Taurus

I take care of my own money but know when to get help. I am not a trained tax accountant, CPA or investment professional and as such I don't have the knowledge to sort through all the laws concerning such. Also, I don't have the network to know what the best investment opportunities are and why.

I don't practice medicine on myself for the same reason. I have done very well enlisting the help of trained professionals, I'm guessing many here have. But if you have the knowledge good for you, I know my shortcomings and are smart enough to as for help.

I always get someone else to do my taxes as they are always changing the laws. But as far as investments I learned from ones that lived through the depression. So if I can't hold it or stand on it I'm not buying it. And if the government will give you up to a half million dollars every two years capital gains free. Why would you let someone else use your money at your risk?

[Vette40th]

I never thought make six figures I would not have enough deductions to meet the standard deductions. But a retirement and a regular job has done that.
I owe this year.. again.
But, after being told that I figured out what to do.. just put extra away till I need to pay next year. The longer Uncle Sammy cant use it the better.

[Egnalf]

Sep-IRA, max it out.

Vacation property in a good place, buy an expensive one and rent it out. Take the depreciation and other deductions, watch values grow while the giverment helps you pay for it. Sell it later in life, or better yet, live off rental income.

Not sure what your business is, or how many employees you have....a personal assistant does wonders for a guy. One who is crazy orgranized, smart and pleasant. Take some of the load off things and get a better quality of life. you ca get a good one for about 80k all in.

[ZipZap]

Right on time...

[kylebuck]

Originally Posted by LATB

Good mornin Joey.

My CPA told me years ago (decades actually), that if you are paying taxes you are making money...Keep doing that.

But I'm tired Grandpa.

[kylebuck]

Originally Posted by Rob

Roth is the way to go since you are young - you pay the taxes up front. But a great accountant will help you take care of all that.

He is a stangkiller.

[kylebuck]

Originally Posted by roadpilot

Someting is not right. You are making soooo much money legally, that
you need tax advice from strangers on a Corvette Forum.
If you being truthful, it's time to pay a CPA and get information you
can really use.
Good luck.

We needed a topic other than new balance, colonoscopy and Joe Biden

[Raazor]

Real estate
Hire a guy
Don't be cheap