User Power
Value/Post Ratio
126%
- Dec 4, 2013
- 529
- 665
- 30
I make about 35k a year pre tax after doing countless hours of overtime, and I did very well this year on an investment.
I have never had to deal with this amount of money in my life, and I would like to keep most of it. Unfortunately do to the nature of the investment, I had to pull my money early so now im subjected to short term capital gains.
What can I do about taxes? Can I put the money in things like IRA's etc to reduce the tax burden? I would like to go back to school, and buy a house at some point also, but if the tax man is taking 40% im going to have to take life a little bit slower. Only in America can you make a quarter of a million and instead of being happy, you have to worry about how hard the tax man is going to rob you.
I have never had to deal with this amount of money in my life, and I would like to keep most of it. Unfortunately do to the nature of the investment, I had to pull my money early so now im subjected to short term capital gains.
What can I do about taxes? Can I put the money in things like IRA's etc to reduce the tax burden? I would like to go back to school, and buy a house at some point also, but if the tax man is taking 40% im going to have to take life a little bit slower. Only in America can you make a quarter of a million and instead of being happy, you have to worry about how hard the tax man is going to rob you.
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