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You know exactly why we pay so much in income tax, most people earn their income through W2's not through an owned business.
I say it to explicitly point out the fact that people are positioning themselves in a manner that holds them back financially. I'm just opening up different perspectives to get people thinking. No harm done, right?
My philosophy is a lot of people paying little tax. Not a few people paying lots of tax. If everyone had more take-home, they'd be able to pay off their debts quicker.
I say it to explicitly point out the fact that people are positioning themselves in a manner that holds them back financially. I'm just opening up different perspectives to get people thinking. No harm done, right?
My philosophy is a lot of people paying little tax. Not a few people paying lots of tax. If everyone had more take-home, they'd be able to pay off their debts quicker.
Right but there are other ways of saying it. You come off like a complete pompous ass, like you are smarter than us. While that may be true, it might not be. And even if it were, it's not like you are smarter, you just chose a different route, by owning your own business.
I have owned businesses in the past. They didn't make a lot of $$ but they paid the rent. Lots of "business expenses" covered that were paid with pre-tax dollars. It was nice. It's not like you pay less in tax and get to keep the money, if you are paying less in taxes it's because you have expenses. Yeah, you technically can write off your business lunches, but you have to spend the money in order to do that.
Similarly, my decisions to start a family (and how many kids) would very much be based on how many I could afford to have. I would never have 3 kids on $50k.
Me neither...I said FAMILY of 3, not 3 kids... That would include myself.
And I was married with a great dual income...no one anticipates being made a single parent.
Definately. When you have entities, everything is tax deductable. And you actually end up spending more, create jobs, and hire people. You also open up the opportunity to residual income.
Also, if you're maxing out your 401k to $49k, you probably already have entities (businesses).... since it's unlikely that an employer would be that generous. If they are, then you are one lucky individual
I'm not employed, but we set up our retirement to match ourselves...in the end, it's all my money, but it's funneled back through the company in the form of a match.
Now what the heck is an entity? Can you be more descriptive?
I already did. Max out 401k to $49k, and funnel income through entities. I understand that some people make most of their income on W2, and don't have too many options. I guess that's a decision that they made.
35% tax rate... rough... I mean, that's fine if you make a really really high income... but seems a bit much if you're making less than $300k
To the OP: there's actually some truth to that statement. Education, hard work, and determination are what is key to landing a high paying job in today's technologically dependent society.
To the OP: there's actually some truth to that statement. Education, hard work, and determination are what is key to landing a high paying job in today's technologically dependent society.
Networking yourself is what will get you a good job.
I'm not sure... I can only figure out how to put $54k away per a year. $49k 401k limit and $5k IRA limit. Double that if you're married (which I'm not).... but that's still under $220k.
Well only $54k/yr into a tax shelter, but you can of course put as much away as you want into simple savings accounts right?
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