If you’re like me, you have a 401k, Roth IRA, taxable brokerage accounts, and you’ve contributed to social security through the years. All these vessels have different tax benefits and tax requirements when you make your distributions. Here’s how I would maximize my money by minimizing taxes. This will be applicable if you’re retiring now, helping your parents out, or if you’re planning for the future which I am.Continue reading »
Stock Options at an early startup sucks, until it doesn’t. Basically until the company goes public (IPO), sells to another company, or grows big enough to know it’s not going to fail, these stock options are a costly gamble. Purchasing my stocks and paying the taxes cost me about $33k! Since these options were part of my compensation package, it’s really hard to leave them on the table though. I’ve got too much FOMO to not buy them! Here’s the story of my 2nd options exercise and how it affected my taxes.Continue reading »
For single filers, you can make up to $48,350 in long term capital gains and pay 0% on that saving you up to $7,252 in taxes! Possibly more if you’re filing married. Even though it may not always seem like it, you really have to see the big picture and understanding that saving $7,250 in taxes IS equal to receiving $7,250.Continue reading »
Did you get in on some of that hot cryptocurrency action in 2017? If you did, congrats, but don’t think you can cash out tax free! As a US citizen, you owe some of those gains in the form of taxes.Continue reading »
If you’re a US citizen working abroad as an expat and you’re paying taxes in a foreign country, you shouldn’t have to pay taxes to the US, right? Yup, you’re right, for the most part, but you still have to file your US taxes and file them correctly!Continue reading »
Nice, you have a property to sell or rent. Most people are deciding whether to rent or buy. You’re ahead of the game. There are many reasons why you may want to keep your place, but let’s just do the straight math.Continue reading »
First, congrats on owning a place! Good job saving that downpayment and making those payments! So now you want to rent out your place, but how much is it going make ya? (or cost ya?)Continue reading »
I love getting a good deal!
One of the greatest things of running a business is that you get to deduct business expenses. I live in California and for the most part when I buy a business item, I almost feel like I get it for about 35% off!
How did I get 35%? Well i’m in the 28% federal bracket and about like 9.3% in the state bracket. That’s like 35%ish. Close enough 😀Continue reading »