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Need recommendations for tax strategy
vodster If you are going to pay the taxes, you might as well take the profit right away, and put the money to reducing the interest. No sense in waiting for the money to accrue more interest. [ more ]
Alex McKoy Thanks for the thorough evaluation with some numbers to support it. You offered a lot of info which I appreciate. I think the interest over the next 30 years compared to the tax liability for this one year makes it clear. I have decided to sell off shares each month to pay off the mortgage by year's end. I am also setting aside a portion of the proceeds for taxes due next year. This will be a huge milestone for me and increase my monthly cash flow in order to start new investments. Thanks... [ more ]
Alex McKoy Thanks for the reply. You make several great points. I definitely don't want a fall in the stock price to spoil my plans. I have already seen some correction. I have decided to sell off shares each month for the next several months and retire the mortgage by year's end. I am offsetting my tax liability by increasing contributions to my traditional 401k and 457b plans. I really appreciate the sound advice. I will post back here to let you know how it turns out. [ more ]
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What is your favorite hack to save money on taxes?
Knightlight Also, the FREE tax programs I mentioned in my previous post are always looking to find new volunteers and they provide FREE tax training where you will likely learn a few more hacks to save money on taxes, as per your opening question. Having gained experience completing taxes will look good on a resume too if you are looking to pursue a career in business or finance. Lastly, but equally important, it will also give you a great feeling at having helped others who may not be in as stable a... [ more ]
Knightlight You can get your taxes done for FREE instead of paying a firm if you are a qualified taxpayer. In Canada, there is the Community Volunteer Income Tax Program (CVITP). Community organizations host free tax clinics where volunteers file tax returns for eligible people. Guidelines in most provinces are for individuals earning up to $35K, a two person family up to $45K, and so on. (see details: ). In the U.S., the IRS's Volunteer Income Tax... [ more ]
Riva951ie @Nathan_Gregory For me it would be: Depreciation from rental properties Tithing/donating at my local church. 401K [ more ]
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Where is the best place to find tax rules?
Nathan_Gregory Hi @Mohammad , great question! You'll definitely want to check out the what @Landon Martin suggested, going to a .gov website for more specific information and then deciding what type of info you're looking for, (Like how to file taxes for a business, person, or an invetment property). These types of sites will give you detailed, accurate, and up-to-date information on what's going on with both federal and state taxes, depending on what you search. You'll also to check out IRS specific... [ more ]
Landon Martin Usually you can find tax information on the website for your city, county, state, etc. by searching for it online and then looking for a website for that location. When searching on the state or federal level you could also look for websites that have a ".gov" address. They will have the most accurate information because they are actually run by the state or federal government. There might be better places to look but for the limited amount of research that I have done on taxes, that is... [ more ]
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