PebHmong Discussion Forum
Life & Living => Money & Investment => Topic started by: darkhelmet on February 25, 2019, 01:27:10 PM
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Don't mind direct deposits, but I still love feeling checks in my hand! O0
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gratz man
set aside some for uncle sam so you don't get hit with a tax bill later
also since you are self employee, i would start thinking about doing a solo 401k
or something like that nature
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uncle sam, he always find out
also incase you get audit by the IRS
remember
it wasn't the crime and murder that got AL CAPONE caught
but tax invasion
O0 O0 O0 O0
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Thanks bro, I'll look into it.
What other types of accounts can I open?
I talked to my accountant, he mentioned SEP? Simple IRA?
Any recommendation s?
What about making my wife an employee and contributing to her?
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Thanks bro, I'll look into it.
What other types of accounts can I open?
I talked to my accountant, he mentioned SEP? Simple IRA?
Any recommendation s?
What about making my wife an employee and contributing to her?
it just tax reasoning stuff
1. do you want to pay tax now???
2. do you want to pay tax later??
if want to pay tax now, than you do roth IRA
and if you want to pay tax later, you do 401k
many different account out there
we always MAX out our ROTH IRA first before we do 401k
because gains are tax free
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ROTH IRA: you work, everything get tax, you get your deposited at the bank. the amount you get at the bank is your NET GROSS because your employer already took out the tax. you take that money and put it in a ROTH IRA, all gain are tax free, because you already got it taxed at your employer
401k: your employer just put it in the retirement, you don't get tax. once you get it out than you get tax
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i probably recommend you get like a business credit card
https://creditcards.chase.com/small-business-credit-cards
and use that mainly for your small business
and keep all receipt and checks
incase you get AUDIT
when I was working in accounting
we get audit all the times
big business, makes million
if you don't have receipt or digital proof
you are Fawk
might have to pay fee and fines
your business is kinda of small
a small fish
so i don't think they will harass you that much
but just incase
FYI
O0 O0 O0
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Thanks bro.
Been maxing my roth and my wife's roth at the beginning of each year.
Guess I'm wondering what else is out there to save for retirement with the least tax taken out.
Only thing I can think of are SEP, Simple IRA, i401k and Variable annuities.
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Thanks bro.
Been maxing my roth and my wife's roth at the beginning of each year.
Guess I'm wondering what else is out there to save for retirement with the least tax taken out.
Only thing I can think of are SEP, Simple IRA, i401k and Variable annuities.
damn, you must be a high incomer than
Max 1st Roth IRA: $6,000 (another $6000 for your working/non working spouse)
Max 2nd 401k: $18,000
than if you still got more
max the HSA (health saving account)
and college 529 plan
both of these have tax advantage
healthcare and school is getting expensive
trust me, you probably going need them later in life
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damn, you must be a high incomer than
Max 1st Roth IRA: $6,000 (another $6000 for your working/non working spouse)
Max 2nd 401k: $18,000
than if you still got more
max the HSA (health saving account)
and college 529 plan
both of these have tax advantage
healthcare and school is getting expensive
trust me, you probably going need them later in life
Thanks bro. Is there anything that I can put into that allows me to take out before retirement without harsh penalty?
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Thanks bro. Is there anything that I can put into that allows me to take out before retirement without harsh penalty?
health saving account
and the 529 college
you can take them out penalty free as long as it going to your medical and schooling expense
otherwise
you going just need to do a regular taxable brokerage account
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health saving account
and the 529 college
you can take them out penalty free as long as it going to your medical and schooling expense
otherwise
you going just need to do a regular taxable brokerage account
Thanks I don't need a health savings or college account. So I'll just keep adding to my brokerage account.
Will setup a simple IRA this year. With my new project, I should be able to fund it.
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Thanks I don't need a health savings or college account. So I'll just keep adding to my brokerage account.
Will setup a simple IRA this year. With my new project, I should be able to fund it.
just max out your 401k at work
its $18,000 for you and another $18,000 for your wife
that there is already too hard to do after doing your $6,000 roth ira
go to your HR human resource/accountant
do some quick math
estimate your annually wage
take $18,000 (max 401k) divided annual wage whatever it is ($100,000)
$18,000/$100,000= 18%
tell your HR, you want to do 18%
if your companies matches your 401k, than adjust your math a little bit
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just max out your 401k at work
its $18,000 for you and another $18,000 for your wife
that there is already too hard to do after doing your $6,000 roth ira
go to your HR human resource/accountant
do some quick math
estimate your annually wage
take $18,000 (max 401k) divided annual wage whatever it is ($100,000)
$18,000/$100,000= 18%
tell your HR, you want to do 18%
if your companies matches your 401k, than adjust your math a little bit
bro remember I don't work for a company..lol. ;D
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bro remember I don't work for a company..lol. ;D
Oh dang
Yall must be in another level than
Im still working for the man
Less stress and i can slack off a bit
The workplace im currently in matches 6% if your check 100%
So $150 in 401k plus employer match $150
For a total of $300ish every paycheck
Thats free money, 100% gain
I try to tell my coworkers, but they don’t understand
Snd they need to money to pay their bills
YMMV
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Oh dang
Yall must be in another level than
Im still working for the man
Less stress and i can slack off a bit
no problem man. i find it more stress working for the man. that's why i quit and do my own thing.
but anyways, thanks for all the tips bro.
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you still holding $KHC
ship is sinking
rats are escaping
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you still holding $KHC
ship is sinking
rats are escaping
Bro, I sold it a while ago, remember... lol.
(https://i.imgur.com/UZWhgnh.jpg)
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Lol
Dang, must have miss it
Glad you took my advice
It’s bleeding baddd
But warren buffet
Still have staked in it
50/50 chance
Better than the casino chances