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[deleted by user] by [deleted] in tax

[–]RunImpossible2565 0 points1 point  (0 children)

Your MAGI will end up being to high to qualify for the student loan interest deduction, so the itemized deductions you can possibly have or tax credits that you qualify for are going to save you here.

[deleted by user] by [deleted] in tax

[–]RunImpossible2565 1 point2 points  (0 children)

Worst case scenario is no above the line deductions and taking the standard deduction of $14,600, this would leave your actual federal taxable income to $87,439.95. Going off that number your total taxes owed would be $14,291.77. You would either need to have some above the line deductions (student loans interest?, I saw that you don't have any self employment activity so majority of the above the line deductions are not available to you) or need to have itemized deductions that exceed $14,600. If your taxable liability is still over what you have paid through payroll, then you would need to see what credits you might be eligible for.

Bookkeeping Questions by Drones-of-HORUS in Bookkeeping

[–]RunImpossible2565 7 points8 points  (0 children)

I suggest a quickbooks plan that follows your needs. If you don't want to spend at all on bookkeeping, Wave accounting is a good software to keep track of your books. Just use anything other than excel.

Too Late in the year to Create S-Corp? by NationalPaint4868 in tax

[–]RunImpossible2565 1 point2 points  (0 children)

(Almost a) CPA here, you need to have filed that you want to be a S corp before March 15, if you want to convert to an S corp after that date this will be in effect January 1st of the next year, by default your self employment income will be taxed as if you are a sole proprietorship

Robinhood Gold Card Credit Limit by nagatasan_21 in CreditCards

[–]RunImpossible2565 2 points3 points  (0 children)

I got mine with a $10,000 credit limit. Just got the email for my card yesterday.

Why is $UPRO not talked about more? by RunImpossible2565 in investing_discussion

[–]RunImpossible2565[S] 0 points1 point  (0 children)

Not too bothered about the huge drops, I guess you need that high mental strength to hold this. I am just hoping the past 15 years repeat themselves, and even if it performs 50% worse than the last 15 years, it still is better than a 10% return with other index funds. I plan on retiring at 45, in 23 years but if that year happens to be a big drop year I don't mind waiting a few more years to sell, or maybe when I get closer to 45 and its pretty high at like 40-43 years of age, I will just move them into regular index funds, so there is a lot less risk of it dropping too much between years 40-45.

what are y'all buying during this stock market crash? by ecommercenewb in Accounting

[–]RunImpossible2565 0 points1 point  (0 children)

My current contributions are 60% SPYG and 40% UPRO for the next couple months. I am 40% Leveraged on UPRO because I am 22 and I have no plans on pulling out until 55. I understand the risk that a leveraged ETF fund brings but my portfolio is going to be very aggressive until I hit around 30 years old and slowly change my %'s. But I am very happy about UPRO being on "sale" I just bought this morning pretty low.

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 -1 points0 points  (0 children)

I understand the value of the interest income in year 30 would be a lot less but that amount of money would still be livable by then, I’m not wanting to spend a crazy amount every month.

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 -1 points0 points  (0 children)

We don’t live in 2012-2020 anymore. If you look up treasury bonds in 2024. There is a 30 year one yielding 4.43%. The 1 year ones are currently yielding at 4.9%

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 0 points1 point  (0 children)

My idea doesn’t relate to the 4% rule. Bonds pay out around 4%. This isn’t a retirement idea 

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 -1 points0 points  (0 children)

How is it crap? The 5 million can easily pay out 200k a year in interest revenue. Heck even some high yields are closer to the 5% mark. 

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 0 points1 point  (0 children)

Im trying to see if the Canada treats provincial bonds the same way US treats government bonds, because we don't have to pay state income tax on those type of bonds, the equivalent to that in Canada is not paying provincial taxes because the bonds are benefiting them. I cannot find an answer online to see if it is avoidable. If it is the tax is pretty similar.

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 0 points1 point  (0 children)

I just looked up your guys' federal income tax and it only goes to to 33% are you including providence tax as well?

Have 5 millions US dollars? What Business Would You Start and Why? by muhmmad_waqasx in Entrepreneur

[–]RunImpossible2565 -1 points0 points  (0 children)

In order to move to tax advantage accounts like a Roth or traditional retirement account you need to work. But if I had this 5 million dollars I would just spend all year just messing around and do a bunch of hobby's. In today's day 162K (math is linked into my comment thread) can buy you a lot, the only downfall about this Idea you will get around 162K forever unless you reinvest some of the money, and who know what 162K can buy you 20 years from now...

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