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Discussion in 'Money Talk$' started by webdog, Sep 6, 2007.
If there is, I would like to ask a couple questions via PM. Thanks.
The former webmeister is, but that doesn't help you now. I don't think he peeks in here much.
I have the ear of a CPA, but can't say if i could help without knowing the question.
Just send me the money and I will sort it out for you. I am not a CPA, but I did stay in the Holiday Inn, last night...........::laugh: :laugh: help!!! help!!!
CPA hourly fee... $200
Estate planning... $1000
Brother Bob's sense of humor...priceless :laugh:
What area of tax advice? I am in the financial industry, securities liscenced. If I can't help you I can point you in the right direction. My area of expertise is real estate.
I'm looking for tax saving ideas for the 35% bracket.
That is actually the work of qualified financial planner and a CPA. At that bracket all of your income is taxed, that is, all income that is taxable. A planner can look at your financial situation to see if you are maximizing all options to lower your taxable income. i.e. itemized deductions (charitable, school, mortgage interest, et.) and items that lower your taxable income, 401k, IRAs, or other tax-advantaged products. Given your goal, steer away from a Roth IRA and go with a traditional (the Roth contributions are after tax, you want before tax, thus lowering your taxable income).
There are a diverse number of investment products that may provide deductable write-offs. Some of these are related to the sale of securities or passive income, which would not apply to your earned income. Common knowledge would ask if you have maxed your 401k (if you have one) and have maxed your IRAs (for you and your wife, if you have one). At your tax-bracket you should be able to do that. Taking college / seminary classes can be written off as well. I am beginning my work for the CFP designation and I will be able to write it off. Not much, but if you rack up several thousand in college expenses it can help.
Also, talk to your advisors about gifting to your children. I am not certain about age requirements, but I do not you can gift $11,000.00 per child without creating a taxable situation for them (as it were income) and a possible tax-benefit to you.
I also like the concept of tax-free bonds. If I know I am going to earn "x" and be taxed on "y" and my estimated tax burden is "z" then I may take some disposable income and put it into a tax-free bond paying whatever. By doing so I preserve my investment and make some of that tax money back so-to-speak. That's my brainiac idea which someone else may think is dumb. lol
You can consult an CPA on these things, as AN advisor, but I would suggest hiring a qualified financial planner. Look for someone who has been in the business for awhile and preferrably someone who has earned the CFP (Certified Financial Planner) designation. An advisor should be knowledge in all aspects of tax-planning and your CPA can get to the technical points.
If you need some recommendations for financial advisors in your area, I can help. I work with thoudands of financial planners and know some very compentent people.
Hi, I had noticed on a different thread where you mentioned that you had a deal in the works that would be very financially rewarding. IMHO if you are, or will be investing that kind of money, you really need to have a personal CPA, that handles your taxes regularly. Not having one would most likely cost you more in the long run. Consider it a cost of doing business. Hope all goes well with your venture.
Thanks, and I do have a CPA lined up...but for fun was looking to see if there were any here so that I would have a general idea not only what to look for in a CPA, but what kind of tax saving strategies might exist.