Ace-Garageguy Posted April 1, 2016 Posted April 1, 2016 My guy is a CPA and a licensed investment advisor. I have to assume he knows his business. Just like doctors, lawyers and mechanics, you gots good ones and you gots dem dats passed da test but don't really know squat.
Harry P. Posted April 1, 2016 Posted April 1, 2016 Now you've got me thinking. I think I will get a second opinion.
Rob Hall Posted April 1, 2016 Posted April 1, 2016 (edited) Maybe find someone who is a tax law specialist. Taxes..ugh... I owe an extra $8k in state and federal taxes this year, between having my state witholding too low, some capital gains on investments, and making $40k more than the previous year... Edited April 1, 2016 by Rob Hall
Ace-Garageguy Posted April 1, 2016 Posted April 1, 2016 Now you've got me thinking. I think I will get a second opinion.From the same article I linked to above..."You don’t pay gains taxes on your investment revenue while it’s in the shelter of your IRA, but when you begin receiving distributions, the funds are fully taxable. You pay ordinary income tax – which is typically higher than capital gains rates – on all money you receive from an IRA, regardless of whether it’s investment income or funds you contributed from your wages on a pre-tax basis."
Mark Posted April 1, 2016 Posted April 1, 2016 ALL money belongs to government on one level or another...they're just kind enough to let you use it for awhile.Seriously, get another opinion. Your guy shouldn't be upset; after all, if he's right the second expert will only confirm what he said.
Harry P. Posted April 1, 2016 Posted April 1, 2016 Maybe find someone who is a tax specialist. Taxes..ugh... I owe an extra $8k in state and federal taxes this year, between having my state witholding too low, some capital gains on investments, and making $40k more than the previous year... Don't you just love being punished for being successful?
Rob Hall Posted April 1, 2016 Posted April 1, 2016 Don't you just love being punished for being successful? Yeah...and the 15% self employment tax doesn't help...I had a mix of my 'day job' w2 income and 1099 side project income (at double my w2 rate)..oh well, such is life.
Harry P. Posted April 1, 2016 Posted April 1, 2016 Don't get me started on the self-employment tax. Those of us who are self-employed have to pay double the SS tax... our part as the employee... and the part as the employer! So we self-employed people have the privilege of paying double the SS tax, yet will only receive a single share... that is, if we receive anything at all. Tell me again why I live in the USA?
Rob Hall Posted April 1, 2016 Posted April 1, 2016 (edited) Tell me again why I live in the USA? Well, the places outside the USA I'd consider living generally have much higher taxes (Canada, UK, Sweden, Denmark)...except for a couple, and they are too expensive (Monaco) for my tastes.. Edited April 1, 2016 by Rob Hall
Harry P. Posted April 1, 2016 Posted April 1, 2016 Well, the places outside the USA I'd consider living generally have much higher taxes...except for a couple, and they are too expensive for my tastes..Yeah... the lesser of evils, I guess...
Ace-Garageguy Posted April 1, 2016 Posted April 1, 2016 Don't you just love being punished for being successful? Yeah...and the 15% self employment tax doesn't help... And right there, boys and girls, are two of the primary reasons I don't really bust my butt to make money anymore. I can live relatively comfortably on what little I make as a mechanic / fabricator / sometimes consultant and tech writer, enjoy the work for the most part, and usually have a lot of time off with a relatively flexible schedule (though the last two years have been way too demanding for the money). The less I make, the less I have to give to Uncle, and that suits me fine. I love this country by the way; I just despise the government.
Harry P. Posted April 1, 2016 Posted April 1, 2016 I love this country by the way; I just despise the government.You and me both.
slusher Posted April 1, 2016 Posted April 1, 2016 Don't you just love being punished for being successful? Harry I had to pay tax on my social security because my wife works and i paid tax on my long term disability because i contributed to the premium while I worked for the whole 100 dollar check each month. Just before tax season The President takes away all social security cost of living raises like he has two times before. It's easy to get the shaft on every level with the IRS..
slusher Posted April 1, 2016 Posted April 1, 2016 Pennsylvania is a helmet optional state, which I just don't get. Last summer on the Turnpike we got passed by a couple on a bike that passed me like that and I was going 80. Incredibly neither of them were wearing a helmet, both wearing t-shirts and shorts and the woman was wearing flip flops! There will be no survivors and probably no harvestable organs from that potential accident! No cops on this one, they just disappeared ahead never to be seen again. I know what you mean Tom but a guy in this neighborhood brags that none of the cops can catch the jet bikes or crotch rockets...
Danno Posted April 1, 2016 Posted April 1, 2016 I know what you mean Tom but a guy in this neighborhood brags that none of the cops can catch the jet bikes or crotch rockets... But they can't outrun Motorola.
slusher Posted April 1, 2016 Posted April 1, 2016 But they can't outrun Motorola. That's true Dan and they need to bust them they race every night out on the highway. If the law gets after them they get a lead on them and head for a crocked road and they don't get caught...
crazyjim Posted April 1, 2016 Posted April 1, 2016 Too cold in Canada Harry. Go south to Bahamas or Virgin Islands. All the way out to the Phillipines maybe.
Tom Geiger Posted April 1, 2016 Posted April 1, 2016 Maybe find someone who is a tax law specialist. Taxes..ugh... I owe an extra $8k in state and federal taxes this year, between having my state witholding too low, some capital gains on investments, and making $40k more than the previous year...I'm self employed on a 1099. That means no company will hire a 57 year old, but is happy to use you as a non-employee consultant.Rob, not only are taxes due on April 15th, first quarter 2016 withholding is due April 18th. That means I have to come up with $15,000 cash total!
Crazy Ed Posted April 1, 2016 Posted April 1, 2016 Bill, Harry, Sadly We all belong to a growing "Club" that has that in common. Bill from what I'm garnering from your posts, maybe you ought to pull up stakes and setup a "Boutique" Mechanic & Fab Shop near the Inde Motor Sport Track in Willcox. Heck if you could hook up with a couple of folks with skills you maybe lacking, say body and fiberglass you might be able to either put together a partnership or ajoined shops. Both avoiding employees and their government caused problems and the latter avoiding the chance of "Deadwood" or the financial vacuum that can bring.
Tom Geiger Posted April 1, 2016 Posted April 1, 2016 Bill, Harry, Sadly We all belong to a growing "Club" that has that in common. Bill from what I'm garnering from your posts, maybe you ought to pull up stakes and setup a "Boutique" Mechanic & Fab Shop near the Inde Motor Sport Track in Willcox. Heck if you could hook up with a couple of folks with skills you maybe lacking, say body and fiberglass you might be able to either put together a partnership or ajoined shops. Both avoiding employees and their government caused problems and the latter avoiding the chance of "Deadwood" or the financial vacuum that can bring. I was thinking I could set up a business that ships rust free body parts to the rust belt!
bismarck Posted April 1, 2016 Posted April 1, 2016 I was thinking I could set up a business that ships rust free body parts to the rust belt! I would be happy to be a customer!! Being smack in the middle of the rust belt, finding good, rust free OEM parts, or even decent aftermarket parts for that matter, is getting tougher every year. Nothing fits better than OEM parts, but those are drying up fast for the older stuff i like.
Harry P. Posted April 1, 2016 Posted April 1, 2016 OK, I checked. Turns out that 2 of the 3 accounts I talked about are IRAs, the 3rd one (the one I am being taxed on for capital gains) is not a retirement account, but simply an investment account.But still, to have to pay tax on "gains" I didn't actually see, on an account that actually lost value in 2015, seems unfair to me.
Ace-Garageguy Posted April 1, 2016 Posted April 1, 2016 I was thinking I could set up a business that ships rust free body parts to the rust belt! I used to have a friend down here who financed his Triumph TR 250 race car outings by running relatively cherry sports-car parts up to the rust belt. This was back in the late '70s. He did pretty well.
Crazy Ed Posted April 1, 2016 Posted April 1, 2016 I would be happy to be a customer!! Being smack in the middle of the rust belt, finding good, rust free OEM parts, or even decent aftermarket parts for that matter, is getting tougher every year. Nothing fits better than OEM parts, but those are drying up fast for the older stuff i like. If you find yourself wandering around the "area" there's a Bunch of Old Steel Cars, Trucks (at least an Acre) and I think even a Bus or two over in Huachua City on the West side of Hwy 90. And it doesn't seem they're being used for anything!
Kit Basher Posted April 1, 2016 Posted April 1, 2016 But still, to have to pay tax on "gains" I didn't actually see, on an account that actually lost value in 2015, seems unfair to me.Harry, I'm no expert, but if your account lost value, don't you have some capital losses in that same account that would offset the capital gains?
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