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/biz/ - Business & Finance

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948220 No.948220 [Reply] [Original]

On track to make around 200k this year plus about 2k a month in passive income for 30 years.

I'm 31 with no kids.

Where should I put my money to lower my taxes for this year?

>> No.948222

Roth IRA

>> No.948224

Not eligible for that unfortunately

>> No.948241

Bump

>> No.948264

>>948220
What do you do motherfucker? And is the 2k dividends or rentals?

>> No.948266

SHOVE IT UP YOUR UGLY ASS

>> No.948317

>>948220

launch and donate to a non profit charity that donates nice things to select deserving people such as yourself.

or register a church, might be cheaper and less ugly.

>> No.948323

Donate to Red Cross or some shit, but not where they know you donated.

The greatest form of giving is anonymous to anonymous

>> No.948332

>>948264
Royalties. I'm a speculator.

>> No.948335

>>948323
Sounds like a plan. What's the least shitty charity?

>> No.948351

>>948332
$200k trading?
What's your account size? What markets do you trade?

P-plz respond

Taxes depend on where you live. You can try to speak to an accountant or financial planner too

>> No.948352

Help me pay for my student loans fuaark

>> No.948355

>>948351
Not stocks. I speculate on mineral rights.

My cpa is good but the faggot charges me 300 bucks an hour. Not exactly how I want to spend my money

>> No.948359

>>948352
Are you a retard? I could probably get a write off in that case

>> No.948360

>>948220
Donating it is the easiest way. Find a cause that you care about and send money their way. Do your research first though and make sure the charity is legitimate.

There are 'charities' that will gladly accept your donations, but not all of the money you donated will go toward the causes you intended it to go toward ...

>> No.948363

>>948360
Suggestions?

>> No.948395

>>948220
If you know you're about to come into a large amount of money throughout the year why don't you noobs open an offshore account beforehand?

Now you're fucked.

>> No.948410

Assuming you've been telling the truth in this thread, you should open a SEP-IRA. Since you won't hit the $53,000 cap due to the 25% limit, you could also open an individual 401(k) if you take the time to incorporate your business before year end.

Charitable contributions are fine. You're under the phase-out cap, so that should be an issue. However, with that much self-employment income you should be timing donations with the goal of avoiding AMT. Your accountant could help with that, if you weren't such a cheapskate.

>> No.949519

>>948266
I don't think big bills hell has 200k worth of cars...

>> No.949535

>>948360
This anon has it righ. If you actually care about something donate or in your case make one; that or hide money in yo house. Put it in a some sort of retirement. Bonds alternatively? I don't have to much brains when it comes to that. Good luck, mate!

>> No.949543

>>949519

Well if OP is dumb enough to make this post he's dumb enough to shop at Big Bill Hell's

>> No.949900
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949900

>>948220
Idk i'm 19, but robert kiyosaki taught me to use the fancy 1013 trade up tax thingy to not pay taxes when trading up on properties. Also, he says something about starting a personal corporation to pay taxes after the money is spent, rather then the moment its earned.

Also, could you explain how you invest in mineral rights a little more? I just did a little of research on it and it seems like a bit of a gamble vs traditional real estate or commercial.

>> No.949962

>>949900
oops typo. 1031 real estate exchange thingy not 1013

>> No.949965

>>948220

Start a religion, put your self as head of that religions and donate all your money to that religion.

>> No.949968

>>949900

That's very interesting, do you know if it works the same way in Canada? By starting a corporation I mean.

Like can I do some odd jobs, bank it into my corporate bank account, then spend it, and pay taxes on what's left?

>> No.949986

>>948220
>Where should I put my money to lower my taxes for this year?

Literally nothing you can do about this. You're going to be subject to alternative minimum tax which is going to severely limit your deductions and make sure you pay a lot of income tax.

I've been trying to avoid AMT for years. $175-200k is the sweet spot for being subjected to it.

>> No.949997

Let me shit up this thread and mention bitcoin.

>> No.950007

>>949968
Not sure man. I know here in the US, the laws about corporations are based by the states. It's really not that difficult to start a corporation though. small fee and enough base income and bada bing bada boom you got a corporation. I don't know all the specifics, but I know the general idea is that if you start a corporation successfully, you pay taxes after you spend the money, where as average people pay taxes before they spend money. Expenses for the corporation could be classified as anything really-from acquiring properties to a trip to hawaii (for a company conference, of course). At least, that's what I understand about it. you should read 'Rich Dad Poor Dad' thats what the book talks about, although at some points the author just sounds like a bullshitty and lucky guy because every example he gives tends to be really situational in its success.

>> No.950102

Buy coins.

>> No.950108

>>948220
too late now, unless you just want to lower your tax bracket

>> No.950200

>>948220

Open enrollment is going on right now for Obamacare. If you go into certain high deductible health plans you can open a Health Savings Account. These carry over from year to year and are tax-deferred, so you wouldn't pay taxes until you withdraw money (and any healthcare costs are completely tax-free). Also, you can invest in mutual funds like Vanguard through various HSA administrators. Contributions are limited to a bit more than 3k a year, but I'm pretty much just using it as my TIPS jar and paying med expenses out of cash.

>> No.950201

>>948222

Roth is pre-tax so you can't claim contributions to lower your MAGI.

>> No.950203

>>950201

isn't*

>> No.950245

Buy 200k worth of interest rate swaps

>> No.950263

>not hiding your money on Bitcoin and watch it grow as well.

>> No.950596

>>948355
What country are you from? I think I know what you're talking about and it has been a pipe dream of mine for about 4 years, I saw some good opportunities just sitting there but didn't have the money to take them, I checked awhile ago and a major had snapped it up, I wanted to cry lol.

But I've got money now, and I've been studying the game for a bit, and have quite a few little ideas to throw around, some are pretty out of the box but I think that's what it takes.

You've done very well, but you're probably aware that even though commodities are doing shit at the moment, 200k is chump change compared to a big one out there.

I was gonna do this alone but if you were interested I could email you and we could share some ideas, to see if we're on the same page.