Anonymous
Post 01/02/2013 15:14     Subject: Looking for some financial investment advice
Anonymous wrote:All I have to say is Boo Hoo Hoo. Suck it up, OP's boyfriend. Pay the taxes that you owe.


Why do you feel the need to be mean? Most of the other posters have been quite helpful. Yes, he will pay his tax bill. But I just wanted to know if he was missing out on something and not being as smart as others. If say there was something he was supposed to be investing in, and everyone else knew about it and did it, then why shouldn't he also benefit. However, from these posts it seems that plain old income is just taxed. It is what it is.
Anonymous
Post 01/02/2013 15:04     Subject: Looking for some financial investment advice
All I have to say is Boo Hoo Hoo. Suck it up, OP's boyfriend. Pay the taxes that you owe.
Anonymous
Post 01/02/2013 14:58     Subject: Looking for some financial investment advice
He could save a lot of money on taxes if he refused his salary and worked for a $1 a year.
Anonymous
Post 01/02/2013 14:55     Subject: Looking for some financial investment advice
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I know I'm going to get hammered for this but here goes. My boyfriend is 44. He lives very simply. No college degree just a guy that worked his way up the corporate ladder. Children are all grown now. Still lives in the 2bed/1ba house in Wheaton. Inherited it from his parents. No mortgage. And now he makes $300k. What is he supposed to be investing in to get all of these rich people tax deductions? When I run his tax numbers, he owes $85k for federal. I haven't run state yet. It is what it is and he pays it. But I wonder if he's not being smart with his money. If you're wondering, much of his income goes into a straight simple interest bearing savings account. He does max out his 401k at work.


How old are you?


40. Why do you inquire?


If he buy a massive house and takes our a mortgage he can deduct that


OUT not our.

But since he seems to have a lot of extra money, feel free to pay my mortgage
Anonymous
Post 01/02/2013 14:55     Subject: Looking for some financial investment advice
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I know I'm going to get hammered for this but here goes. My boyfriend is 44. He lives very simply. No college degree just a guy that worked his way up the corporate ladder. Children are all grown now. Still lives in the 2bed/1ba house in Wheaton. Inherited it from his parents. No mortgage. And now he makes $300k. What is he supposed to be investing in to get all of these rich people tax deductions? When I run his tax numbers, he owes $85k for federal. I haven't run state yet. It is what it is and he pays it. But I wonder if he's not being smart with his money. If you're wondering, much of his income goes into a straight simple interest bearing savings account. He does max out his 401k at work.


How old are you?


40. Why do you inquire?


If he buy a massive house and takes our a mortgage he can deduct that
Anonymous
Post 01/02/2013 14:52     Subject: Looking for some financial investment advice
Anonymous wrote:
Anonymous wrote:I know I'm going to get hammered for this but here goes. My boyfriend is 44. He lives very simply. No college degree just a guy that worked his way up the corporate ladder. Children are all grown now. Still lives in the 2bed/1ba house in Wheaton. Inherited it from his parents. No mortgage. And now he makes $300k. What is he supposed to be investing in to get all of these rich people tax deductions? When I run his tax numbers, he owes $85k for federal. I haven't run state yet. It is what it is and he pays it. But I wonder if he's not being smart with his money. If you're wondering, much of his income goes into a straight simple interest bearing savings account. He does max out his 401k at work.


How old are you?


40. Why do you inquire?
Anonymous
Post 01/02/2013 14:51     Subject: Looking for some financial investment advice
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:You have to be at a million plus. Otherwise the costs of the avoidance is more than saving in taxes. Sorry he needs to make more to avoid taxes.


He he he. I'll let him know

I don't know if the $85k is the exact final number. I just plugged his numbers into one of the online calculators. But really, there's nothing there. Straight salary less 401k, a few thousand in charitable donations., add interest from the savings account and that's about it. I'm guessing it's not that far off. But it would be nice if I was doing something wrong.


What about deductions for state income and property taxes?


Yes you're right. I do need to plug in his state and local taxes. But ummm, property tax on his house.....it's negligible.
Anonymous
Post 01/02/2013 14:50     Subject: Looking for some financial investment advice
Anonymous wrote:I know I'm going to get hammered for this but here goes. My boyfriend is 44. He lives very simply. No college degree just a guy that worked his way up the corporate ladder. Children are all grown now. Still lives in the 2bed/1ba house in Wheaton. Inherited it from his parents. No mortgage. And now he makes $300k. What is he supposed to be investing in to get all of these rich people tax deductions? When I run his tax numbers, he owes $85k for federal. I haven't run state yet. It is what it is and he pays it. But I wonder if he's not being smart with his money. If you're wondering, much of his income goes into a straight simple interest bearing savings account. He does max out his 401k at work.


How old are you?
Anonymous
Post 01/02/2013 14:50     Subject: Looking for some financial investment advice
Anonymous wrote:
Anonymous wrote:You have to be at a million plus. Otherwise the costs of the avoidance is more than saving in taxes. Sorry he needs to make more to avoid taxes.


He he he. I'll let him know

I don't know if the $85k is the exact final number. I just plugged his numbers into one of the online calculators. But really, there's nothing there. Straight salary less 401k, a few thousand in charitable donations., add interest from the savings account and that's about it. I'm guessing it's not that far off. But it would be nice if I was doing something wrong.


What about deductions for state income and property taxes?
Anonymous
Post 01/02/2013 14:48     Subject: Looking for some financial investment advice
You if are paid a salary and get a w2...you are screwed. No w2 and you can do a lot.
Anonymous
Post 01/02/2013 14:43     Subject: Looking for some financial investment advice
Anonymous wrote:You have to be at a million plus. Otherwise the costs of the avoidance is more than saving in taxes. Sorry he needs to make more to avoid taxes.


He he he. I'll let him know

I don't know if the $85k is the exact final number. I just plugged his numbers into one of the online calculators. But really, there's nothing there. Straight salary less 401k, a few thousand in charitable donations., add interest from the savings account and that's about it. I'm guessing it's not that far off. But it would be nice if I was doing something wrong.
Anonymous
Post 01/02/2013 14:39     Subject: Looking for some financial investment advice
You have to be at a million plus. Otherwise the costs of the avoidance is more than saving in taxes. Sorry he needs to make more to avoid taxes.
Anonymous
Post 01/02/2013 14:31     Subject: Looking for some financial investment advice
Alternative investments won't shield his earned income from taxes. And 85K federal on 300K income sounds way too high - I think you're doing something wrong. Tax brackets are marginal anyhow - if he's in the 39% bracket it would only be for a portion of his income and not the full 300K.
Anonymous
Post 01/02/2013 14:04     Subject: Re:Looking for some financial investment advice
You're falling for the myth. The "rich people's tax breaks" come when you have enough money that you're living off the interest or dividends and not touching the principle and for this you must be Romney, Buffet rich. For the regular old "working rich" you pay your 39% or whatever federal rate plus state taxes.
Anonymous
Post 01/02/2013 14:01     Subject: Looking for some financial investment advice
I know I'm going to get hammered for this but here goes. My boyfriend is 44. He lives very simply. No college degree just a guy that worked his way up the corporate ladder. Children are all grown now. Still lives in the 2bed/1ba house in Wheaton. Inherited it from his parents. No mortgage. And now he makes $300k. What is he supposed to be investing in to get all of these rich people tax deductions? When I run his tax numbers, he owes $85k for federal. I haven't run state yet. It is what it is and he pays it. But I wonder if he's not being smart with his money. If you're wondering, much of his income goes into a straight simple interest bearing savings account. He does max out his 401k at work.