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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Mikala43
Gross. But then you can compute the depreciation on your taxes, write off insurance and other stuff, so not sure how that comes out in the end.
I just know my Mom has a lot more money than she did before, she enjoys doing it, it gets her out of the house (in manner where she is not spending money) and she can socialize.
She was pretty depressed being broke, having few friends.... now she is outgoing and friendly again.
Nothing is deductible any more, unless you have at least $30,000 in deductions. Hopefully tax time doesn’t come with a big, costly surprise when she can only take the standard deduction, and finds out she made $6/hour.
Nothing is deductible any more, unless you have at least $30,000 in deductions. Hopefully tax time doesn’t come with a big, costly surprise when she can only take the standard deduction, and finds out she made $6/hour.
Oh yeah forgot about the changes. Anyway, you can still deduct some things, but depreciation and other things.
I doubt it would be the case, but let's take your extreme, she is making $6 an hour doing something she enjoys. Still not a losing proposition.
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So what deadbeats are these who never work and live off the taxpayers? TANF cash welfare has a 5 year lifetime cap. “Able bodied” single people generally can’t get it. Your rhetoric doesn’t align with reality.
TANF cash welfare may not be available, but bet your bottom dollar that disability benefits are. I know multiple generations of relatives under the same roof, with everyone who isn't drawing SS on disability insurance. It's extremely common in my neck of the woods for people to be given disability benefits for nebulous problems like "back pain" or "fibromyalgia."
Meanwhile, a coal miner with thirty years of service whose back is completely blown out may not be able to get it. It makes no sense sometimes.
OP, you call an income of $4500 - $5000 per month for a couple when they retire poor? You worry too much.
I work in a long-term care for a long time; I've learned that rich, poor, old, young will have someone to take care off when they are really sick and cannot take care of themselves anyway.
I saw homeless people came into this care centre. I saw doctors, dentists, bankers, engineers, chemists, policemen, nurses, models, housewives came into this care centre. Everybody was treated with same respect and care from the staff. The differences are how their families and relatives treating them. Some not so rich people still have their children and relatives to visit them and talk to them nicely. Some very rich people but never have any visitors until the day they die, and suddenly so many people show up.
I would not care to worry too much about the day I retire. Now I'm working, I spend some and save some, but I'm not worrying too much. I witnessed a couple of co-workers who worked so hard and just one year or two months before retirement, and they died.
There are lots of people who have much less than you, and they still live happily. Think about this younger generation (generation Y). They are talking about they might not be able to retire ever. You should feel you are lucky to have a DH who makes good money and cares for you.
Just enjoy each day when you can and be thankful, grateful to God or the Universe.
All the rich and poor will live and die, and are going to be burnt into ashes or going to the underground for the worms to eat anyway. Who cares?
TANF cash welfare may not be available, but bet your bottom dollar that disability benefits are. I know multiple generations of relatives under the same roof, with everyone who isn't drawing SS on disability insurance. It's extremely common in my neck of the woods for people to be given disability benefits for nebulous problems like "back pain" or "fibromyalgia."
Meanwhile, a coal miner with thirty years of service whose back is completely blown out may not be able to get it. It makes no sense sometimes.
Nothing is deductible any more, unless you have at least $30,000 in deductions. Hopefully tax time doesn’t come with a big, costly surprise when she can only take the standard deduction, and finds out she made $6/hour.
It depends on how she sets up, she could set up as a business and get to deduct depreciation.
Gross. But then you can compute the depreciation on your taxes, write off insurance and other stuff, so not sure how that comes out in the end.
I just know my Mom has a lot more money than she did before, she enjoys doing it, it gets her out of the house (in manner where she is not spending money) and she can socialize.
She was pretty depressed being broke, having few friends.... now she is outgoing and friendly again.
Yes She is an independent contractor so her business expenses are to be written off. That is such a nice story, thanks for sharing it. After she pays her and (she is her own employer) the employers share, close to 14% for SS and Medicare, and her write offs, she'll probably make minimum wage.
She doesn't need a certain amount of deductions, in fact, it would be weird for a driver not to write down mileage, insurance, tolls, car washes, maybe even tire costs and maintenance for the cars upkeep. Tires can be very expensive.
She can keep a tally and write off .50 cents or .54 cents per mile, I've forgotten the exact amount. It was .50 cents when we did it but I believe it's been raised. Or she can use a Card like American Express, and pay it off every month so there are no fees and just write that amount down, it's much easier. Tallying your miles gets old, it did for us. He also got some perks, not sure what but some.
She is an Independent Contractor, basically self employed. This is cut and pasted from turbo tax website.
In fact, Uber makes it easy to deduct the correct amounts by providing a “1099-K Breakdown” on its tax summary page. This gives you the totals for:
• Tolls
• Split fares and miscellaneous fares
• Safe ride fees
• Airport and city fees
• Black car fund
• Sales tax
• Booking fees
• And other taxes paid over the course of the year, all of which can usually be deducted from your business income.
The tax summary also provides annual amounts for “other items” included in the 1099-K gross amount, including the Uber fee and your device subscription amount.
A jump start on your tax deductions
The Uber tax summary even includes a line for “On-Trip” mileage. This is a starting point for your business mileage deduction, but it’s only a starting point. The Uber mileage figure includes only the miles driven with passengers in your car. You can deduct other business-related mileage as well, including:
• The miles you drive to pick up a passenger after receiving a ride request
• And the miles you drive to get to a more central location to await your next ride request
• However, your miles to go home are not deductible since these are considered commuting miles
So what deadbeats are these who never work and live off the taxpayers? TANF cash welfare has a 5 year lifetime cap. “Able bodied” single people generally can’t get it. Your rhetoric doesn’t align with reality.
So your telling me that this is not a career choice. Guess I will keep working then.
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