DCSportbikes.net  
» Help Support .NET!
DCSportbikes Premier Membership for 25$ per year. Discounts! Click here for full information.

Now available in the .NET Shop:



Get your DCSBN Gear!
» Shoutbox
Sorry, only registered users have the ability to use our real-time shoutbox to chat with other members.

Register now, it's free!
» Online Users: 741
1 members and 740 guests
hokie
Most users ever online was 4,519, September 2, 2015 at 03:26 AM.
Go Back   DCSportbikes.net > Non-Sportbike Forums > Non-Sportbike Chat

Reply
LinkBack Thread Tools
Taxes and You ....
Unread
  (#1)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
Taxes and You .... - November 19, 2010, 01:03 PM

I know we all pay a lot in taxes, but I just did the math for the first time today and realized 28% of my salary goes to taxes .... any tips/ways to lower this?! I contribute 6% to 401K...I'm guessing maybe I should contribute the max...but is there anything else I can do? I am terrible with these things.


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#2)
I hate Hybrid drivers
 
david636's Avatar
 
Posts: 4,780
Join Date: May 25, 2006
Location: Woodbridge, VA
November 19, 2010, 01:05 PM

buy a house
  Send a message via AIM to  
Reply With Quote
Unread
  (#3)
2 wheels for life
 
Deep's Avatar
 
Posts: 8,134
Join Date: August 14, 2007
Location: Helsinki, Finland
November 19, 2010, 01:05 PM

I hear making babies reduces tax


Adrenaline Addict
  Facebook Page Send a message via AIM to  
Reply With Quote
Unread
  (#4)
GP Champ
 
ladypink600rr's Avatar
 
Posts: 2,887
Join Date: November 25, 2005
Location: Crofton, MD
November 19, 2010, 01:06 PM

  Send a message via AIM to  
Reply With Quote
Unread
  (#5)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
November 19, 2010, 01:07 PM

Quote:
Originally Posted by david636 View Post
buy a house
checked that box 3 years ago. ...more like a tiny 2 level townhouse rather than a house, but still, I own.


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#6)
USSA
 
ArrrSV's Avatar
 
Posts: 2,369
Join Date: September 23, 2008
Location: Manassas
November 19, 2010, 01:07 PM

what are you claming on federal withholdings?


i'm payin about 20% in taxes


I Have Nothing To Contribute.

Chicks are like jobs...all the good ones are taken and they can't pay you enough to do the ones that are available.
  Facebook Page Send a message via AIM to Send a message via AIM to ArrrSV  
Reply With Quote
Unread
  (#7)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
November 19, 2010, 01:09 PM

Quote:
Originally Posted by ladypink600rr View Post
you and Deep are cracking me up.

Ok, so there wasn't some magical thing I was missing... ??

I am contemplating renting my place out - from what I understand, a lot of things are tax deductible when you have renters (and you're not living there).


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#8)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
November 19, 2010, 01:10 PM

Quote:
Originally Posted by ArrrSV View Post
what are you claming on federal withholdings?


i'm payin about 20% in taxes
1


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#9)
Your Ad Here
 
Heist's Avatar
 
Posts: 32,592
Join Date: August 25, 2008
Location: Washington, D.C.
November 19, 2010, 01:12 PM

Get together with a tax planner/accountant to set a financial tax reduction strategy for you for the year, and then do it every year.

I don't know why more people do not do this. I guess it's one of those things that isn't taught in some families like keeping a lawyer on retainer.


Carl E. Cook, MBA, RIA
The NetWorth Financial Group
1930 18th Street NW., Suite 4
Washington, DC 20009


Telephone: 202-726-3533
Toll-free Telephone: 1-800-401-7664
Fax: 202-726-9868



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

- Nicolo Machiavelli 1469-1527

  Facebook Page MySpace.com Page Send a message via AIM to  
Reply With Quote
Unread
  (#10)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
November 19, 2010, 01:17 PM

thanks - I've been contemplating that for some time now... and no, not all families teach financial responsibility, lol. I was taught to save/put money in the bank at a very early age - but financial planning/investing is a whole other ball game


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#11)
Air-Cooled Goodness
 
Desmo's Avatar
 
Posts: 1,007
Join Date: August 31, 2010
Location: Alexandria
November 19, 2010, 01:18 PM

Quote:
Originally Posted by ArrrSV View Post
what are you claming on federal withholdings?


i'm payin about 20% in taxes
+1 if you are making fairly consistent money and getting a large tax return every year, then you have excess witholdings. If this is the case, don't give the government a free loan, reduce your withholdings and get more $$ in your paycheck every month.


-Tommy
  Send a message via AIM to  
Reply With Quote
Unread
  (#12)
Groping is a skill...
 
turkishexpress's Avatar
 
Posts: 14,997
Join Date: May 3, 2008
Location: Chicagoland
November 19, 2010, 01:19 PM

Quote:
Originally Posted by sara

1
There lies the problem. Why are u claiming 1 if u own a house? I guess u can and get a lot of $$ back at the end of the year. Do what Heist said and get a good accountant. Its worth the $300 a year.


2015 KTM Super Duke 1290 R
2013 Victory Vision Tour
K7 Gixxer 600 - Track Only
RnR Cycles Touched & Tuned


I grope suckaz!!! -
  Facebook Page Send a message via AIM to  
Reply With Quote
Unread
  (#13)
fruta fresca
 
sara's Avatar
 
Posts: 2,510
Join Date: May 28, 2008
Location: Frederick
November 19, 2010, 01:22 PM

Quote:
Originally Posted by turkishexpress View Post
There lies the problem. Why are u claiming 1 if u own a house? I guess u can and get a lot of $$ back at the end of the year. Do what Heist said and get a good accountant. Its worth the $300 a year.
Gotcha - so I'm doing it wrong...def sounds like it's time to hire a professional


"no me olvides que yo no te olvidare"
  Send a message via AIM to  
Reply With Quote
Unread
  (#14)
Derpetologist
 
Posts: 6,270
Join Date: September 7, 2010
November 19, 2010, 01:25 PM

Be poorer


*Not intended to be a factual statement.
  Send a message via AIM to  
Reply With Quote
Unread
  (#15)
GP Champ
 
Posts: 3,459
Join Date: December 29, 2002
Location: NYC UES
November 19, 2010, 01:30 PM

There aren't any great ways to reduce tax liability. There are really only 2 ways:

Deductions - I guess the best way is to deduct as many things as you can, but that only goes so far, and it presumes you already spent the money on something. It's not like people will blow a lot of money on medical expenses, only to get 28% back... you're still losing 72% of that money.

Postponement - The second way is to postpone taxes by putting stuff into retirement plans, etc. You will have to pay taxes on this money eventually - or penalties if you withdraw early. The benefit is that you can earn interest in the meantime on a greater initial amount.

What else is there, really?
  Send a message via AIM to  
Reply With Quote
Reply


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Powered by vBadvanced CMPS v3.2.3


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0
vBulletin Skin developed by: vBStyles.com
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest © 2002-2010 by DCSportbikes.net. DCSportbikes.net is owned by End of Time Studios, LLC.