Taxes

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There are several reasons for getting a 401(k). 401(k) tax breaks isn’t one of them. Over the last 3 years I have not had to pay federal taxes. This, because all my income is derived from capital gains and seeing as these barely put me past the 10% tax bracket, I owe 0% federal tax on these. This year preparing for taxes (2017) things look different. I started the Roth IRA conversion ladder, in the amount of $40,000. It’s a measure I have to take because my after-tax investment accounts will run dry, prior to my 401(k) withdrawal age of […]

The Myth of 401(k) Tax Breaks

 in 401(k) / investing / Taxes by
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With all the support and extra traffic coming from my friends at FreedomIsGroovy.com, I feel compelled to put down some thoughts. I tend to not write about politics, but never has politics hit home as hard as this year. The first effects are already felt and potential upcoming changes may hit even harder. ACA Renewal It’s ObamaCare renewal time. Last year, I received probably 50 timely emails/messages letting us know it was coming up. This year I received a single text. I’m personally aware of what’s happening but it makes you wonder, how many will miss this year’s enrollment due […]

The month of unknowns

 in finances / healthcare / retirement / Taxes by
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That’s what I learned 2 weeks ago when I was in the Netherlands. That, and the “fact”, I’m a direct descendant of King Willem II of the Netherlands (albeit from his illegitimate child born in 1842). But let’s get back to the wealth tax. The estate my father left my mother, after his unfortunate passing some weeks ago, revealed my parents still had a mortgage. My brother replied to that, that it was better to have debt, as the alternative would be paying taxes over their assets. They call it Box 3 tax, as that’s where you capture this info on […]

OMG, They’re paying a wealth tax over there

 in finances / Taxes by