You need a new tax advisor...

Posted By: former bank manager on 2005-09-12
In Reply to: Uh...30% IS near 40%. lol. And you need to put aside 50% of your earnings in CA. - .

...if you are paying 50%. Even 40% is way too much. Everyone has deductions, even if they only use the standard.

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To below posts about MT pay and such - me
- To clarify: 6-8 CPL with NO BENIES, PAYING 40% in taxes IS a ripoff - .
  - I don't know where you got your figures, but you are incorrect. - TO (...for DP)
  - You have to keep receipts (sm) - Peanuts
    - You can only write off the percentage actually used... - former bank manager
      - deducting home use - Snow Bunny
        That's a bit simplistic and not really accurate at all, but... - former bank manager
        about deduction from mortage - ? please
        Here you go >>>>> - former bank manager
        Thank you! - nm
      - And renters can't write off at all, correct? - ?
        REnters can write off part of the utilities... - former bank manager
        Yes, renters can write off percentage (sm) - Peanuts
      - I do, my house is about as big as (sm) - Peanuts
  - IC - taxes - Patti
    - Thanks for the info, Patti - .
  - who pays 40% tax? - Snow Bunny
    - I pay almost 42% tax - sm - NY'r
    - 1,000 as a single person with no exemptions - ...for DP
      - I don't know where you got your figures, but you are incorrect. - copied and pasted
      - I forgot about state tax (TN doesn't have one) - Snow Bunny
        TN doesn't have State self-employment tax? - !
        but our regular every day tax is - Snow Bunny
        You'd think TN needs the revenue more than MOST! - !
        need it more than most? - Snow Bunny
      - It's about 26%, no where near 40%! - DP
        Uh...30% IS near 40%. lol. And you need to put aside 50% of your earnings in CA. - .
        It is 26% , not 30%. I didn't say 30%. - DP
        You need a new tax advisor... - former bank manager
      - I've 2 children and live in TN. LOL - DP
        :::hearing dueling banjos::: - LOL
        What are you talking about?????? - DP
        Oh...you're a single mom/renter... - .
        There are quite a few names that come to mind - DP
        I'm with you, DP... - former bank manager
        Thank you. I think this is just a bitter person - DP
    - California! nm - nm
      - Go to MTChat and ask California self-employed MTs or do a SEARCH in LOCAL MTs for California. We ha - .
  - I don't think ICs get robbed. I work as an IC/SE - DP
    - What pros - ?
      - best pro for me - Snow Bunny
        You can do that with benefits too, ya know. - :)
        not at my current line rate nm - Snow Bunny
      - The biggest pro for me is the TOTAL flexibility... - former bank manager
        Depends on your state. - .
        Actually, I lived in California my ENTIRE life... - former bank manager
        With state and Federal, you 40% of your earnings GO, bottom line. - .
        If you do your taxes properly, you certainly SHOULD NOT end up paying... - former bank manager
        CA - stephanie
        Self-Employment Taxes are different, hun. - .
        Not so. - ROFL
        CA - stephanie
        I agree, FBM!! I think if I had to - DP
      - Gee, you are really upset, aren't you?! - DP
        Because I ask a question? Testy, testy... - .
        I appreciate your advice and will certainly - DP
        Correction - They will be flexible with HOURS/days, etc. - .
        Not always...not all companies are flexible with schedules! - DP
        Actually READ my post. I wrote "A GOOD COMPANY" - .
        omg i know a woman who talks just like you - hehehe
        In true IC situations, the company CANNOT set your hours... - former bank manager
        I think you've misunderstood ... - DP
        Apparently so, since there was no name for that post...my, my... - former bank manager
        Do you post sometimes as "Dixie"? In one of the - DP
        Oh good grief! No way. The only Dixie I know of is a forensic medicine person... - former bank manager
        Oh, I'm sorry. I misunderstood! LOL - DP
        I didn't mean to sound touchy. You misunderstood and - DP
        That's understandable...since everyone posting here is always... - former bank manager
        LOL I know what you mean! - DP
- You're right - !

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Maybe you should go over there and be her advisor
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This is exactly why my financial advisor said
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