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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.👍 5Comment
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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.👍 3Comment
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Somehow “work a lot less, get paid a lot less” doesn’t seem like the best way to reduce your taxable income.👍 1Comment
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No Opportunity Zone alternatives? Or don't you care for the restrictions?👍 1Comment
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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.👍 2Comment
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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.👍 1Comment
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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.👍 3Comment
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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
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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
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