PebHmong Discussion Forum

Life & Living => Money & Investment => Topic started by: darkhelmet on February 25, 2019, 01:27:10 PM

Title: it's payday bro, loving it
Post by: darkhelmet on February 25, 2019, 01:27:10 PM
Don't mind direct deposits, but I still love feeling checks in my hand!  O0
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 25, 2019, 01:36:07 PM
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

Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 25, 2019, 01:38:36 PM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 25, 2019, 01:42:17 PM
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?
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 25, 2019, 02:09:09 PM
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

Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 25, 2019, 02:11:36 PM
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
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 25, 2019, 02:38:12 PM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 25, 2019, 03:55:49 PM
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.



 
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 26, 2019, 07:16:29 AM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 26, 2019, 09:06:08 AM
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?
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 26, 2019, 09:39:48 AM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 26, 2019, 11:12:10 AM
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.
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 26, 2019, 11:55:17 AM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 26, 2019, 12:48:36 PM
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
Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 26, 2019, 01:35:06 PM
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
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 26, 2019, 02:39:20 PM
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.

Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 27, 2019, 09:21:32 AM
you still holding $KHC

ship is sinking
rats are escaping
Title: Re: it's payday bro, loving it
Post by: darkhelmet on February 27, 2019, 10:06:53 AM
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)

Title: Re: it's payday bro, loving it
Post by: hmgROCK on February 27, 2019, 10:27:03 AM
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