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Thread: Reducing Tax Liability

  1. #13

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    Default Re: Reducing Tax Liability

    I'm sorry I missed your post Tony.

    Any brokerage account will work, I use Scottrade.

    Again, sorry I missed your original post.
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

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  3. #14

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    Default Re: Reducing Tax Liability

    Show-Me, what did you end up settling on?

    Do you max TSP out before contributing to the Roth?

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  5. #15

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    Default Re: Reducing Tax Liability

    I have come to the realization that I will never be rich, so maxing out the Roth is not as important to my situation. I put very little into the accounts right now, but I do have a few pieces of gold and silver that the Treasury knows nothing about.

    My taxable income will never get to the point I will be hurting when I retire. By then I will, hopefully, have everything paid off and living on very little.

    I am close but not there maxing out my TSP. My taxable income is the key. I max my FSA and over $400 a pp into TSP, I am one poor SOB. I have three Dependants for now. Two will leave the nest before I retire, I hope. lol That is when the tax man will come knocking.

    I read a piece today about the Bush tax cuts expiring and how the Congress is posturing to extend the tax cuts only for the <$200k single and <$250k married. Mid-term election year ya know. That proves to me that I will be okay.

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  7. #16

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    Default Re: Reducing Tax Liability

    Thanks for the insight. I'm pretty sure the reason why Schiff and pals recommend hard gold to the ETF's is because The Man will never know about it.

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  9. #17

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    Default Re: Reducing Tax Liability

    The man need to keep his paws off my money. Being poor has its advantages. I have been buying bullion for awhile and almost sold my generic silver a few days ago when it got to $19. I was to slow.

    I plan to buy more and it will be my reserve for my kids when I die. You have to be broke to go to the nursing home and they put a lean on all your assets. I would rather just die than let them dribble it away keeping me alive and captive. Cash and metal can't be traced.

    Did you know that if you give you kid your assets while you are healthy that there is a 10 year grace period that the government can take it from your kid if you go to the nursing home within that 10 years.

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  11. #18

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    Unhappy Re: Reducing Tax Liability

    Quote Originally Posted by Show-me View Post
    Did you know that if you give you kid your assets while you are healthy that there is a 10 year grace period that the government can take it from your kid if you go to the nursing home within that 10 years.
    Yes, and my understanding is they are quite good about digging it out - make take a few years; I didn't realize it is 10 years, tho, I had thought 5. The thinking is, you have to have an atty that is well versed on the second & third loopholes, which is how the richest of the rich manage to do all their stuff w/o taxes - expecially the inheritance tax.
    This link http://tinyurl.com/y9yyu7y article seems to believe that certain members of congress are working to slip that tax inheritance restart into the defense bill... Who is surprsed about that?
    The article gives examples of what it does to the average owner-businessman's family. The bereaved can end up owing as much, if not more, than 3x's the worth...it is as if those particular congressmen are thinking they will each get a personal share of the dough!
    So this is another event that needs assist to thwart the compassionless.
    The bulk of the populace don't understand this pertains to them, they think it is a good thing d/t being for `those rich folks.' but like I mentioned - those rich folks have it well hidden/squirreld, etc. It is the guy down there on Main st that holds your check for you that gets it in the craw. (Yeah, I attended some kind of a lecture on this about 10 years ago - boy, were my eyes opened!)


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  13. #19

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    Default Re: Reducing Tax Liability

    While we have moved into a different direction I would like to share a conversation I had with the same Nursing Home Administrator that told me about the 10 year rule.

    Here is a link. He told me that in planning his parents estate this was the only known loophole in the system at least for the State of Missouri.

    It is called a Irrevocable Trust.

    http://www.ultratrust.com/revocable-...le-trusts.html

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  15. #20

    Default Re: Reducing Tax Liability

    Quote Originally Posted by Show-me View Post
    I have come to the realization that I will never be rich, so maxing out the Roth is not as important to my situation. I put very little into the accounts right now, but I do have a few pieces of gold and silver that the Treasury knows nothing about......

    We know now.....

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  17. #21

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    Default Re: Reducing Tax Liability

    Quote Originally Posted by Jackbnimble View Post
    We know now.....
    ...but not just where it is buried !!

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  19. #22

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    Default Re: Reducing Tax Liability

    Or, how many.

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  21. #23

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    Default Re: Reducing Tax Liability

    Quote Originally Posted by GGal View Post
    My thoughts:

    Max any pre-tax plans to point of matching contributions first, then max roth, then max remaining pre-tax plans as funds allow.

    Why? We are kidding ourselves if we think tax rates will be as low in the future as they are now.

    GGAL

    Thanks I keep needing to hear it, I know, but need to make the switch, maybe this year!
    Pill

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  23. #24

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    Default Re: Reducing Tax Liability

    Quote Originally Posted by Show-me View Post
    Or, how many.
    Too late.

    They know EVERYTHING now.


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