That’s a lot of tax!

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • The White Coat Investor
    Founder
    • May 2011
    • 10070

    #16
    Originally posted by Savedfpdoc
    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

    Comment

    • Tim
      Member
      • Sep 2018
      • 19517

      #17
      Originally posted by Savedfpdoc
      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.

      Comment

      • jfoxcpacfp
        Moderator
        • Jan 2016
        • 15811

        #18
        Yes, there are many. You should work on paying more next year.
        My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 to schedule CPA and Financial Planning initial introductions for Fox CPA and Wrenne Financial Planning, my affiliate firm. We charge Flat Fees for both CPA & Fee-Only Financial Planning.

        Comment

        • Tim
          Member
          • Sep 2018
          • 19517

          #19
          Originally posted by jfoxcpacfp
          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.

          Comment

          • MaxPower
            Bone Doc
            • Feb 2016
            • 1146

            #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.

            Comment

            • Hank
              Moderator
              • Mar 2017
              • 4467

              #21
              Originally posted by Savedfpdoc
              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.

              Comment

              • Larry Ragman
                Moderator
                • Aug 2018
                • 4559

                #22
                Originally posted by Kamban

                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?

                Comment

                • Kamban
                  Moderator
                  • Aug 2016
                  • 7453

                  #23
                  Originally posted by Larry Ragman
                  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.

                  Comment

                  • xraygoggles
                    Physician
                    • Oct 2018
                    • 2817

                    #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.

                    Comment

                    • HikingDO
                      Physician
                      • Mar 2017
                      • 1255

                      #25
                      Gotta pay your fair share….🙄

                      Comment

                      • jfoxcpacfp
                        Moderator
                        • Jan 2016
                        • 15811

                        #26
                        Originally posted by Tim

                        Ironic advice coming from someone the adds value by minimizing taxes as a feature for wealth accumulation.
                        And my point was…?
                        My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 to schedule CPA and Financial Planning initial introductions for Fox CPA and Wrenne Financial Planning, my affiliate firm. We charge Flat Fees for both CPA & Fee-Only Financial Planning.

                        Comment

                        • Tim
                          Member
                          • Sep 2018
                          • 19517

                          #27
                          Originally posted by jfoxcpacfp

                          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.
                          video, sharing, camera phone, video phone, free, upload



                          Comment

                          • MaxPower
                            Bone Doc
                            • Feb 2016
                            • 1146

                            #28
                            Originally posted by Tim
                            “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.
                            video, sharing, camera phone, video phone, free, upload


                            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.

                            Comment

                            • jfoxcpacfp
                              Moderator
                              • Jan 2016
                              • 15811

                              #29
                              Originally posted by Tim
                              “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.
                              video, sharing, camera phone, video phone, free, upload


                              C’mon, Tim, you are better than this.🤷‍♀️
                              My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 to schedule CPA and Financial Planning initial introductions for Fox CPA and Wrenne Financial Planning, my affiliate firm. We charge Flat Fees for both CPA & Fee-Only Financial Planning.

                              Comment

                              • jfoxcpacfp
                                Moderator
                                • Jan 2016
                                • 15811

                                #30
                                Originally posted by MaxPower

                                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.
                                My passion is protecting clients and others from predatory and ignorant advisors 270-247-6087 to schedule CPA and Financial Planning initial introductions for Fox CPA and Wrenne Financial Planning, my affiliate firm. We charge Flat Fees for both CPA & Fee-Only Financial Planning.

                                Comment

                                Working...