SUCK IT IRS!

[Seahawks]

Oh, also, you should be aware that Congress can change these rules at any time. Currently, they are discussing changing the rules on taxing Roth IRAs. THis does not mean you shouldn't have one, but you should just be aware that things shift, and the gov't will take money from you whenever they damn well please.

 

Exactly and they will change it when they need the tax revenue. Count on it.

[strumpett]

the gov't will take money from you whenever they damn well please.

 

I thought they already do this.

[archenemy]

My husband and I just finished (turned in to our accountant) our 06 taxes. First time paying taxes with a child, wonder if it will help or hurt?

 

$1,000 child credit. (not a deuction) It helps alot, at least for me it does.

 

Are your taxes that complicated??? you can get trubo tax at Costco. Taxes are easy no sense paying accountant.

 

 

Seahawks. I own a business, work from home and lease an office. I have owned two homes in the last 12 months. I need to itemize all our bills for deduction. I have a child, and no time to do it myself. So off to the accountant, who does my work and personal taxes. Much easier that way.

Convenience and time with you family is worth a lot.

[archenemy]

Oh, also, you should be aware that Congress can change these rules at any time. Currently, they are discussing changing the rules on taxing Roth IRAs. THis does not mean you shouldn't have one, but you should just be aware that things shift, and the gov't will take money from you whenever they damn well please.

 

Exactly and they will change it when they need the tax revenue. Count on it.

I am pretty sure that's what I just said.

Not even your SS is protected.

[Seahawks]

Set up a yearly mutual fund that automatically withdraws from your checking account monthly.

 

Thats a good way around some tax. I do the 401k at work becuase the company matches. Free money.

 

Roth's are little better becuase you can take them out later tax free.

Roths are not better b/c of this. You are paying your taxes on the money before it goes in.

Besides the tax benefit of a 401k, your employer vesting is the most valuable part of this option. You should have both of these accts.

I max both of mine out every single year. It is the first bill I pay every month.

 

401k are nice. Roth point was that what you earn on it is not taxed. That why some people use it. I don't. I put all mine in 401k.

Having a Roth would help you diversify a little more. It sounds like you are making the assumption that you will have earnings at the time of retirement. There is no guarentee of this. You need both accts and a savings acct.

 

Soemtimes I wonder if it wouldn't be smarter to pull all the money out right now, Tax rates have got to be lower now than later. All baby boomer retiring and Debt sky hight somethings got to give and it will be us suckers later.

No.

Not only will you have a penalty to pay, but you must assume that your earnings potential right now is higher than when you are older and you have low to no income.

 

Not talking about what I already have in there. I don't want the penalty. I'm talking about my contribution each month. With two kids currently my tax rate is nice. I really do think it will be higher later.

Edited March 22, 2007 by Seahawks

[Seahawks]

All of our tax rates are going to go up. The demoghraphic of this country and debt demand it. Things are setup for some really bad shit.

[archenemy]

History of top rates

In 1913 the tax rate was 1% on taxable net income above $3,000 ($4,000 for married couples), less deductions and exemptions. It rose to a rate of 7% on incomes above $500,000.

During World War I the top rate rose to 77%; after the war, the top rate was scaled down to a low of 25%.

During the Great Depression and World War II, the top income tax rate rose again. In the Internal Revenue Code of 1939, the top rate was 75%. The top rate reached 94% during the war and remained at 91% until 1964.

In 1964 the top rate was decreased to 70% (1964 Revenue Act), then to 50% in 1981 (Economic Recovery Tax Act or ERTA).

The Tax Reform Act of 1986 reduced the top rate to 28%, at the same time raising the bottom rate from 11% to 15% (in fact 15% and 28% became the only two tax brackets).

During the 1990s the top rate rose again, standing at 39.6% by the end of the decade.

The top rate was cut to 35% and the bottom rate was cut to 10% by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

 

[edit] History of progressivity in federal income tax

The federal income tax rates in the United States have varied widely since 1913. For example, in 1954 the Congress imposed a federal income tax on individuals, with the tax imposed in layers of 24 income brackets at tax rates ranging from 20% to 91% (for a chart, see Internal Revenue Code of 1954). Here is a partial history of changes in the U.S. federal income tax rates for individuals (and the income brackets) since 1979:

 

Year Income brackets Rate range

1979 15 brackets 14%-70%

1982 12 brackets 12%-50%

1987 5 brackets 11%-38.5%

1988 3 brackets 15%-33%

1991 3 brackets 15%-31%

1993 5 brackets 15%-39.6%

2001 5 brackets 15%-39.1%

2002 6 brackets 10%-38.6%

2003-2006 6 brackets 10%-35%

 

[Mr_Phil]

Set up a yearly mutual fund that automatically withdraws from your checking account monthly.

 

Thats a good way around some tax. I do the 401k at work becuase the company matches. Free money.

 

Roth's are little better becuase you can take them out later tax free.

 

Not only is Seahawks a climbing dumbshit, he's a financial dumbshit as well.

[Seahawks]

Good tax rate info. Very interesting.

[archenemy]

Our tax laws are very confusing and it's hard to follow all this stuff and keep it semi straight.

[archenemy]

Good tax rate info. Very interesting.

My main point is that our market system is widely variable. Don't put all your eggs in one basket.

[Seahawks]

Set up a yearly mutual fund that automatically withdraws from your checking account monthly.

 

Thats a good way around some tax. I do the 401k at work becuase the company matches. Free money.

 

Roth's are little better becuase you can take them out later tax free.

 

Not only is Seahawks a climbing dumbshit, he's a financial dumbshit as well.

 

Hey Mr. Phil. wanna compare bank accounts dumb shit?

 

Did think so, Go eat some more and roll that belly.

[strumpett]

wanna compare bank accounts dumb shit?

 

 

Are you bragging?

[archenemy]

Comparing to what others have is unimportant. You need to use a tax calculator to find out what you need in order to retire in the way that you wish.

[Seahawks]

wanna compare bank accounts dumb shit?

 

 

Are you bragging?

 

nicely telling him to shut the F up. If he wants to come out nowhere and insult me then he better be able to take it.

Edited March 22, 2007 by Seahawks

[archenemy]

quit pissing about and stay focused on what you need to do to insure your future and leave something to your kids.

[Dechristo]

If you are that dumb, everything must be painful

 

Why would you say such a rude comment?

 

sounds like it was painful to you

[strumpett]

wanna compare bank accounts dumb shit?

 

 

Are you bragging?

 

nicely telling him to shut the F up. If he wants to come out nowhere and insult me then he better be able to take it.

 

 

I am not sure your above statement could be construed as “nicely” telling someone to shut up.

[Seahawks]

quit pissing about and stay focused on what you need to do to insure your future and leave something to your kids.

 

I try. I have $0 debt and house will be paid off in 11 years. (rate 4.75%) I plan on retiring early and enjoying the outdoors. Hate being in an office.

[cindy666]

.......soo yuor bragign.....lets be honesss st.........

[Seahawks]

wanna compare bank accounts dumb shit?

 

 

Are you bragging?

 

nicely telling him to shut the F up. If he wants to come out nowhere and insult me then he better be able to take it.

 

 

I am not sure your above statement could be construed as “nicely” telling someone to shut up.

 

You know I don't care. His comments weren't very nice either. A bunch people on here that want to attack me on any stance I take becuase I beleive there is a God. Screw him and the rest. I don't care. He's rude.

Edited March 22, 2007 by Seahawks

[minx]

yes he's bragging. most folks that feel the need to spew things like this are unsure of the choices they've made and want validation

 

ie. *i work a million hours a week and go without the little luxuries so that i can retire early and play in the latter half of my life but secretly i wonder if maybe i should've worked a little less and bought a little more gear and played earlier in my life when my physical abilities were better.*

[archenemy]

quit pissing about and stay focused on what you need to do to insure your future and leave something to your kids.

 

I try. I have $0 debt and house will be paid off in 11 years. (rate 4.75%) I plan on retiring early and enjoying the outdoors. Hate being in an office.

0 debt = 0 credit improvement

 

Obviously though, you have debt, otherwise your house would not have 11 years left on it.

Remember that your mortgage is one of your best writeoffs. And as Strumpett knows, you can write off two homes, not just one.

[Seahawks]

yes he's bragging. most folks that feel the need to spew things like this are unsure of the choices they've made and want validation

 

ie. *i work a million hours a week and go without the little luxuries so that i can retire early and play in the latter half of my life but secretly i wonder if maybe i should've worked a little less and bought a little more gear and played earlier in my life when my physical abilities were better.*

 

I play plenty Cancun was nice in November. Minx true colors coming out.

[archenemy]

you are starting to make an ass of yourself.