Finance / tax professional

M

migofast

New member
Not auto related but do any of you guys have a tax or finance person that is your go to for investments, tax questions etc. My wife and I took a new roles earlier this year which gave us a large jump in salaries which has been great but now with 2015 coming to a end we are scared we are going to get royally screwed in taxes. We are looking for someone to give us advice on how to file such as married joint, married ind. and are trying to think of some creative ways other than just making a deposit to our 401k's to hide it. Any help??
 
One of the best ways to reduce your tax burden is to reduce
your taxable income. You can gift (give) up to $11,000 per
person, per year a lump sum without suffering tax liability.

This will help you & me........PM where to send said check :ty:
 
Absolutely the gift is on the way in Money Order form addressed from my uncles estate in Germany. I wrote the amount for $16,000 on accident so once you receive it please send me the $5,000 over payment via paypal as fast as possible. Cheers :dollar:
 
Is the income sitting idle, spent on meaningless frugal things, invested in the market, vacationed or other ?? Knowing how the money is working for you now (or not) might yield better options. Can you donate worthy items you may deem junk that could offset the taxes?
 
4Gas$ said:
One of the best ways to reduce your tax burden is to reduce
your taxable income. You can gift (give) up to $11,000 per
person, per year a lump sum without suffering tax liability.

This will help you & me........PM where to send said check :ty:
Click to expand...

This seems like tax fraud....I need to look into it. Lmao! edit: for actual advice, you might want to look into CPA's in your area.
 
Bateater said:
This seems like tax fraud....I need to look into it. Lmao! edit: for actual advice, you might want to look into CPA's in your area.
Click to expand...


Of course I was joking about sending me the 11K, but this is indeed
a real tax rule & a lot of folks use it as a inheritance / tax plan so as
to reduce the later tax burden.

Yes, some folks "have too much money" and pre-plan by giving
11K a year to mostly family members every year (usually a Christmas
gift) to offset the lump sum future inheritance.

As a matter of fact, they can give 11K to each a husband & wife making
it a 22K total gift - all legal*.


*Consult your legal and or tax professional for your advice / needs.
 
4Gas$ said:
Of course I was joking about sending me the 11K, but this is indeed
a real tax rule & a lot of folks use it as a inheritance / tax plan so as
to reduce the later tax burden.

Yes, some folks "have too much money" and pre-plan by giving
11K a year to mostly family members every year (usually a Christmas
gift) to offset the lump sum future inheritance.

As a matter of fact, they can give 11K to each a husband & wife making
it a 22K total gift - all legal*.


*Consult your legal and or tax professional for your advice / needs.
Click to expand...

this is correct, and they can gift the same amount to grandchildren, ideal plan Die broke on paper
 
migofast said:
Meaning give to them and they give it back?:dunno:........
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No, meaning you worked hard for your money & you don't want your loved ones
getting taxed to death when you try to will (as in inheritance) it to them.

There are many ways to accomplish this. Gifting it is only one way. Other ways
include setting up perhaps a college fund for a dependent (child?). Another way
to decrease your tax burden might involve purchasing life insurance. I did this years
ago & it has turned out to be a great invest AND legal tax shelter.

Again, *Consult your legal and or tax professional for your advice / needs*.
 
The whole gifting law is so ridiculous. Paying taxes on money I want to give to my kids is bullshit
 
migofast said:
Not auto related but do any of you guys have a tax or finance person that is your go to for investments, tax questions etc. My wife and I took a new roles earlier this year which gave us a large jump in salaries which has been great but now with 2015 coming to a end we are scared we are going to get royally screwed in taxes. We are looking for someone to give us advice on how to file such as married joint, married ind. and are trying to think of some creative ways other than just making a deposit to our 401k's to hide it. Any help??
Click to expand...
what city do you live in
 
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