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  • #16
    Originally posted by Savedfpdoc View Post
    Plz tell me there’s someone else paying 46k in federal taxes this yr ….
    Ha ha. Shocking to become an attending and pay more in taxes than you made as a resident eh? But I assure you there are plenty of WCIers paying 6 and even 7 figures of tax each year. Hard to complain too much about 5, even if it is more than the 4 you used to pay.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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    • #17
      Originally posted by Savedfpdoc View Post
      Plz tell me there’s someone else paying 46k in federal taxes this yr ….
      Is this the payment dues with the return?
      Hope you had withholding or estimated payments for safe harbor.

      Some people confuse total taxes with refunds or balance due. Just saying.

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      • #18
        Yes, there are many. You should work on paying more next year.
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #19
          Originally posted by jfoxcpacfp View Post
          Yes, there are many. You should work on paying more next year.
          Ironic advice coming from someone the adds value by minimizing taxes as a feature for wealth accumulation.

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          • #20
            My budget going from residency/fellowship to being an attending grossly underestimated the amount of tax that we had to pay. I thought I was going to have way more money than I ended up with, since nearly 30% of my gross salary goes to federal and state taxes, SS, Medicare taxes, etc. That’s still a lot to live on, but as others have said, I’d love to be “only” paying $46k in federal taxes. Was quite the shock my first year out when I paid almost double in federal taxes what I made in a year as a resident.

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            • #21
              Originally posted by Savedfpdoc View Post
              Plz tell me there’s someone else paying 46k in federal taxes this yr ….
              Did any of your classmates match into a surgical residency? Lots of people on this forum pay significantly more than $46K in federal income taxes, despite using many lawful tax reduction strategies.

              Somehow “work a lot less, get paid a lot less” doesn’t seem like the best way to reduce your taxable income.

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              • #22
                Originally posted by Kamban View Post

                The days of paying less than 100K in fed taxes passed long time ago for me. Sadly this year, due to some unloading of properties and not getting any 1031 exchange items, I might be paying 20X or more that amount.
                No Opportunity Zone alternatives? Or don't you care for the restrictions?

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                • #23
                  Originally posted by Larry Ragman View Post
                  No Opportunity Zone alternatives? Or don't you care for the restrictions?
                  The other partners did not like Opportunity zone investments. I have decided to pay the taxes and invest in a more stable area, where I may have to pay taxes but hopefully won't go broke.

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                  • #24
                    I can only hope I pay that little.

                    But remember, your goal should be to pay more taxes as you progress in your career/investments - that simply means you are making more and more income! Good problem to have.

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                    • #25
                      Gotta pay your fair share….🙄

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                      • #26
                        Originally posted by Tim View Post

                        Ironic advice coming from someone the adds value by minimizing taxes as a feature for wealth accumulation.
                        And my point was…?
                        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                        • #27
                          Originally posted by jfoxcpacfp View Post

                          And my point was…?
                          “You should work on paying more next year.”.
                          For the same income, I would love to hear the tax tips for paying more taxes. The would be hilarious. I pay you for “how too pay more taxes”.

                          I respect your advice. My life coach., gets no respect.
                          https://m.youtube.com/watch?v=qmHuDKNI23c


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                          • #28
                            Originally posted by Tim View Post
                            “You should work on paying more next year.”.
                            For the same income, I would love to hear the tax tips for paying more taxes. The would be hilarious. I pay you for “how too pay more taxes”.

                            I respect your advice. My life coach., gets no respect.
                            https://m.youtube.com/watch?v=qmHuDKNI23c

                            The implication, at least as I read it, was to pay more taxes because you made more money. Not pay more taxes in the same income.

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                            • #29
                              Originally posted by Tim View Post
                              “You should work on paying more next year.”.
                              For the same income, I would love to hear the tax tips for paying more taxes. The would be hilarious. I pay you for “how too pay more taxes”.

                              I respect your advice. My life coach., gets no respect.
                              https://m.youtube.com/watch?v=qmHuDKNI23c

                              C’mon, Tim, you are better than this.🤷‍♀️
                              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                              • #30
                                Originally posted by MaxPower View Post

                                The implication, at least as I read it, was to pay more taxes because you made more money. Not pay more taxes in the same income.
                                Of course. Taxes should never be the driver of how much money you make. Given your earnings and goals, you should want to pay the least amount of taxes possible on the highest income possible.The income takes priority, not earning less or giving up money in pursuit of deductions, primarily to save taxes.
                                Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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