U.S. Income Tax Strategy

>>1781180
Where's the HSA contribution?

And I hope you made your quarterly estimated payments, or else you better budget for the penalty and interest.

Other than that, good job.

>>1781180
Whats the side gig? Did not know you can give to trad. IRA and SEP IRA simultaneously.

>>1781212
Thanks, no good HDHP choices to make it worth the time or $

I adjusted my withholdings down to 1 for federal & state at my day job and it broke about even. At 2 for each, I was mailing the IRS a $500 check every quarter.

>>1781233
I write finance-based articles pertaining to federal employee benefits, retirement, and investing. I sell/publish them and get paid on a 1099. Getting paid as a contractor is the only way to make an SEP-IRA happen.

IRS allows ~15% (quirky formula) of net profit to be contributed to an SEP-IRA. The defined contribution limit for 2016 was $53,000, so after the $18k contrib at the day-job 401k you could theoretically put $35k/yr into an SEP-IRA on a $235k+ net. Someday, maybe, lol.

>>1781180
If u did it legally then grats.

Thete are a few supreme court cases that deem u dont have to pay more than u owe.

Any legal way the ors lets u owe less, you do.

Grats on not being cucked

>>1781180
Jew here, fapping to this thread
More

>>1781180
Good shit, bro. Love hearing about people who find smart ways to save & limit tax exposure.

I personally make decent money (~$100k before tax), but every year I max my 401k and a Roth IRA, which brings my AGI to around 72-75k. I don't currently have a side gig, so I haven't really figured out a way to lower that expenditure even more, but I'm working on it.

>>1781180
Okay, so you used tax-deferred retirement savings plans to lower your taxable income. Cool story, bro.

>>1782656
>Okay, so you used tax-deferred retirement savings plans to lower your taxable income. Cool story, bro.
Super edgy, bro. I think the point of OP's post was to highlight that the limits for sheltering earned income are actually much higher than most people realize. With the right benefit programs (if offered by your employer) and/or a decent chunk of self-employment income, you can easier protect well in excess of $50k annually. Additionally, because the various tax-advantaged accounts have different contribution rules and limits, OP was pointing out that you can use them in combination.

If you already knew all that, then a hearty golf clap for you. Either way, it was a much more informative post than 99% of the crap in the board.

But thank for your super cool post.

>>1783080
>it was a much more informative post than 99% of the crap in the board
True. I guess I assume people on this board who are actively saving for retirement already know all of this and people on this board who are not actively saving for retirement are busy posting threads about how to get 500% returns in two weeks. I'm sorry for shitposting on your thread, OP.

>>1781180
Good job bro.
Maxing 401K and IRA should be number 1 priority for anyone.

Also, you are not fucking Uncle Sam per se. US is perfectly happy with you putting max money in your 401K regularly for the next 20 years compared to that $6K you saved/US didn't get in taxes this year.