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RANT Should I be paying this much in taxes?!?

Discussion in 'Asset Protection/Taxes/Legal' started by AF77, Mar 10, 2019.

  1. focusedlife
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    focusedlife Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I didn't understand your reference. Mind clarifying?
     
  2. AF77
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    AF77 Contributor

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    It was a joke.

    Movie about a brilliant engineer/brain/assassin who takes down the government that let him down.
     
  3. AfterWind
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    AfterWind Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    In my country it's more like 30%, no matter the rate they pay you.

    Although, I'm sure there are some workarounds in Europe, whenever I see, for example 70k euros a year salary, I just divide that number by 2 because taxes. Better underestimate than overestimate in this case.

    I think 20% is okay.
     
    Xeon likes this.
  4. GlobalWealth
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    GlobalWealth Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    I second this.

    As long as you remain an employee you don't have much or any control.

    That's the "beauty" of payroll withholding from the government perspective.

    They've got you by the short and curlies.

    Once you have a business, even a side gig, your options for tax minimization open up a lot.

    BTW, you didn't say... Where do you live? Country, state?

    Sent from my VTR-L29 using Tapatalk
     
  5. GoGetter24
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    GoGetter24 Gold Contributor Speedway Pass

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    :rofl:
    When someone complains about a 18% tax burden... when you know people paying about 50%.

    And then you remember you pay way more than 18% too... :mad:
     
  6. BlueMoon
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    BlueMoon Contributor FASTLANE INSIDER

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    With all respect but this seems quite low. Here you pay 51% of every 'dollar' you make.
     
  7. GoGetter24
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    GoGetter24 Gold Contributor Speedway Pass

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    Even the Helots, the slaves of the Spartans, got to keep half of what they made.

    Interestingly, they couldn't own weapons either -- only the state (the Spartans) could do that. For reasons not unconnected to the 50% tax bit...
    The more things change the more they stay the same.
     
    Rabby and AF77 like this.
  8. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I will tell you this, talking to a CPA/tax professional is NOT enough.

    I've had/talked to dozens of CPA's and tax attorneys over the last decade. All of them suggest something different and none of them have suggested the same thing.

    Many just run your numbers with no advice or generic vanilla advice. Others don't understand or know a lot about your business ( crypto, SaaS models, etc ). Some only suggest what someone else in their firm told them.

    You need to kiss a lot of frogs and do this often, to find the right person.

    I had to dig into things myself and learn a lot on my own, then go to the people I talk to and ask more questions in order to get the right strategies for me. If I didn't dig into this on my own, I wouldn't have known about R&D credits last year at all because no one else was even telling me about them or offering them up as suggestions. Other things like this, etc.

    It's hard to find someone that isn't just "another bland CPA" on the street corner. Knowing which questions to ask is also a tough deal because what you dont know, you dont know.

    .
     
    AF77, GlobalWealth, Kingmaker and 5 others like this.
  9. Thimar Laouichi
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    Thimar Laouichi New Contributor Read Millionaire Fastlane

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    Absolutely, it's just my point of view ")
     
  10. Mark Mueller
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    Mark Mueller New Contributor

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    Your benefits look really low. If you're a w-2, hit that 401k hard. Avoid the income and lower your tax rate. And have a side business. Depreciation is your friend. If you don't have a side business, go buy a house and rent it out. Now you have one.
     
  11. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    This!!! In canada you would pay twice that, not as much in my province as his. But I make about the same as you and I pay about 47%
     
    wordwarrior likes this.
  12. Schwarz
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    Schwarz New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    You should come to Belgium. They love ripping you off here. If the 30-50% income tax rate has not convinced you, then I am sure the 21% VAT or 34% corporate tax rate will do the job.
     
    Kevin88660 likes this.
  13. CrimsonNight
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    CrimsonNight New Contributor

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    It is like 50% here in Sweden if you earn around 487 600 SEK (52 446 USD). Add an additional 20% on the amount over that.

    Of course, there are several ways to avoid this large amount of taxes but most people still pay that much.
     
    Schwarz likes this.

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