I pay too much in taxes. Или как реально и легально уменьшить выплаты налогов. ...

[Elena]

I pay too much in taxes. Или как реально и легально уменьшить выплаты налогов. Делимся опытом.

Мы все, жители США, платим налоги. И их размер, на мой взгляд очень большой. Что можно сделать, чтобы уменьшить эти выплаты? Поделитесь, пожалуйста, своим опытом.

[Мария]

Всё зависит от вашего дохода.
Put as much as you can in your 401K and 403B.
Muni bonds are tax free, too.

[Мария]

It's a retirement account you are allowed to enroll in at work. You can contribute there up to $16000 a year. And when you get it back ( at maturity) you don't pay taxes on it.
I'm not sure how you can pay less taxes otherwise, maybe live in the state without state income taxes ( like Floridam, Texas or Washington). We pay in California extra 10% in addition to federal taxes. And it really, really sucks!

[Гера Така]

Vote against incumbent people in Washington and put in the people who will vote for decrease taxation policies in November! (v)

[Elena]

Я работала в компании и компания делала контрибюшен в мой 401К план и я делала взносы в 401К план. Но о том, что существует 403В план я не знала. Кака я могу открыть этот план без компании?

[Лина]

A 403(b) plan is a tax-advantaged retirement savings plan available for public education organizations, some non-profit employers (only US Tax Code 501(c)(3) organizations),Cooperative hospital service organizations and self-employed ministers in the United States.

[Лина]

And when you get it back ( at maturity) you don't pay taxes on it.
-------------------------------------------------------------
that's not entirely true...

[Гера Така]

work off the books
Lina, you understand - this is illegal. The question was not about illegal activities.

[Лина]

and by the way, working off the books is not illegal, failure to report your earnings is. :)

[Альберт Гам]

if you pass certain point in your money portfolio, it became easier... It is hard to start.
This is not a right place to ask these questions. Find yourself a knowledgeable CPA. Spent 1-2 hours with him (well prepared so you know what questions to ask) and you will see your $400-500 well spent..

[Elena]

Для того, чтобы найти возможность сократить расходы на налоги, нужно за что-то зацепиться, т.е знать исходную информацию.

[Гера Така]

Значит на Кэш($) ($) ($) - нелегально(N) , или докладывать налоговому агентству о подобных доходах... в котором случае они придут с инспекцией(*) (*) (*) .

[Олег Сах]

Albert is totally right, as usual, when it comes to money matters. Right CPA will make all the difference.

[Elena]

Как можно определить, что этот человек оптимально делает то, что тебе нужно?
Моя подружка делает таксы много лет у одного и того же аккаунтера, но она даже не знала, т.е он ничего ей не говорил о такой возможности, что можно уменьшить размер налогов открыв счёт IRA.
Может быть вы слишком доверяете своим бухгалтерам?
И так, за счёт чего можно реально и легально уменьшить выплаты налогов?

[Альберт Гам]

Elena,
Do not confuse tax preparer or accountant with CPA... It is a different thing.
Also, you need to find KNOWLEDGEBALE CPA, not a anyone..
Also, let me ask you a personal question : do you have W2 or 1099? Any side income?
Is total over $100K?

[Альберт Гам]

do not understand - which forms? are you working on one job as salaried employee or contractor.?
do you have investments in stocks? bonds? re?
i am trying to save you about $500 on cosulatation

[Elena]

У меня есть W-2 form and 1099 too. I do not have investments, except IRA and 401K plan.
I find office of CPA close to my zipcode, but I can't determine if he is right for me.

[Альберт Гам]

if you are an employee with limited portfolio exposure your chances to reduce your taxes is very slim.. Some minor things - like writing of some portion of your house as office use and etc... But it is all about $1000 or so in saved money. May not worth CPA time...

[Elena]

But this is good idea too. If to open office in own house and invest money to this office, it is the same that invest money in your own house, but to receive relieve in payment by reduces amount of taxes.

[Альберт Гам]

Elena,
I gave you some free idea, but i am an expensive guy to work for real. I would recommend to ask around and find a good CPA. I can give you name in SF, but if you are not around, it will not do you any good.

[Elena]

I live in Wisconsin.
One more question. How possible to reduce taxes making investment to bonds and shares? Please.

[Альберт Гам]

you can't reduce your exposure to W2... except mortgage. There is no other ways...

[Альберт Гам]

ps, you can come up with some creative stuff - like deducting air conditioning cost of you have asthma for example... but it is all small stuff...

[Elena]

Do you know maybe some web-site where possible to read info about any CPA? How much is good or bad CPA?

[Elena]

I know I can deduct utility bills. And it is proportional to size of home - office.
But interesting, if my office is located in the basement or takeone of the rooms upstears, how to deduct size of this office ? Should be some difference.

[Elena]

Okay, thank you. If you'll know something interesting , let me know, please. I am very very interesting to know all about it.
Have a nice day!

[Лина]

How possible to reduce taxes making investment to bonds and shares? Please.
-------------------------------------------------------------------
municipal bonds are for the most part tax exempt.

[Khramaya]

Subscribe to a good publication to learn about all this stuff...
There are many magazines, where bit by bit you can learn.
Child care expenses could be partially deductible, same goes for education and medical expenses. Home equity loans interest is deductible. 529 plan contributions for child'e education are deductable from state (?) taxes ( ?I think this is how it is). Take all worn clothes into Goodwill or the like place, you can price each bag at $250. Most memberships at museums, many local organizations are partially deductible. If you have a hobby, for 3 years you can write off many expenses ( I could be wrong at this, never done it myself).
And so it goes.....every penny counts:-D

[Лина]

if you have a hobby, you can deduct the expenses on schedule A, up to the amount of the income generated by the hobby. If your hobby produces a profit for three (out of 5) years, then the losses can be deducted against your other income (I believe).

[Elena]

municipal bonds are for the most part tax exempt.
Как я могу узнать какие акции муниципальные, а какие нет? насколько надёжны они? Как меняется их стоимость (быстро, медленно)? Где их можно купить?

[Elena]

Take all worn clothes into Goodwill or the like place, you can price each bag at $250.
Они дают квитанцию?

[Elena]

flexible spending account
Да... я знаю этот аккаунт. Нужно потратить все деньги, которые ты спланировал положить на этот счёт. Всё, что не потратил- пропадёт. И если тебя уволили или ты сам неожиданно ушёл- неистраченный остаток пропадает.

[Лина]

I'm not sure if it's true, but this is what I just read: "One consideration regarding medical FSAs is that the participating employee's entire annual contribution is available at the start of the plan year, commonly January 1, or after the first contribution to the FSA is received by the FSA vendor, depending on the plan. Therefore, if the employee experiences a qualifying event during the first period, the entire amount of the annual contribution can be claimed against the FSA benefits. If the employee is terminated, quits, or is unable to return to work, the money does not have to be repaid."

[Elena]

I'm not sure if it's true,
Может быть и правда, но это невозможно потратить большую сумму в начале периода. Это и твоё время, которогоможет не оказаться для процедуры, или расписание врача.... Очень рискованно надеяться на это. Но идея хорошая...

[Khramaya]

FSA money is VERY easy to spend.
Get new glasses, get a massage, get your teeth bleached, get braces, whatever... save on taxes. I use every penny of my FSA.

[Гера Така]

FSA money are carried over from year to the next year.
They are your money. Just spend them for the proper purposes.

[Лина]

Flexible spending accounts are “use-it-or-lose-it” plans. This means that amounts in the account at the end of the plan year cannot be carried over to the next year. However, the plan can provide for a grace period of up to 2? months after the end of the plan year. If there is a grace period, any qualified medical expenses incurred in that period can be paid from any amounts left in the account at the end of the previous year. Your employer is not permitted to refund any part of the balance to you.
***********.irs.gov/publications/p969/ar02.html

[Khramaya]

one more thing to do - if you have a car that is a piece of junk you can donate it to charity and write off the full Blue Book value.
Charity picks it up, gives you a receipt, takes care of paperwork.
Nice. Often more saved on taxes then selling it. Definitely more then trading in.

[Лина]

Julia, I don't think massages and teeth whitening can be considered "qualified medical expenses"

[Elena]

FSA money are carried over from year to the next year.
Нет, нет, и нет. Знаю это точно, на собственной шкуре. Всё, что не потратил- пропадёт.
Но есть другой аккаунт,там действительно можно переночить с одного года на другой.

[Khramaya]

teeth whitening - definitely, I got reimbursed for that (although it was years ago, maybe it changed).
massage - if it's for back pain,- for sure. If it's just for relaxation -not.
It also covers vitamins, supplements ( not , of course,for bodybuilding.....), herbs, acupuncture, other complimentary treatments not covered by insurance.

[Лина]

I believe that vitamins, herbs, and supplements might also require a note fromone's physician... but there's still a long list of other OTC drugs and medical care items eligible for reimbursement.

[Elena]

Кто-нибудь знает? если во время безработицы вложить деньги на 401К, эти деньги уменьшают гросс-деньги, т.есумму с которой начисляются налоги?

[Khramaya]

you can't contribute to 401K or 403B if you are not employed - those are employer -run plans. You can have IRA, SEP-IRA ( if you are self-employed) , or Roth IRA. Any investment company (Fidelity, TRowe Price, etc...) has all the information on those on their site.

[Мария]

Are you saying that you can deduct form your taxes medically-related expenses? LIke, if you pay for a hospital out of pocket, you can deduct it???

[Лина]

that's not what we were saying... but you (well, probably not you) can deduct (if you itemize)medical expenses that exceed 7.5% of your adjusted gross income.

[Светлана Гэмм]

Маша, I think you can deduct your medical expenses on your income tax without having FSA, but I believe it has to be over 7K or so..

[Светлана Гэмм]

or maybe it's percentage of your income.. not sure.. asked that questions many years ago..

[Khramaya]

It is exactly how Lina stated. You deduct the amount exceeding 7 or so % of your gross income. So, say, if your income is 100K, and you spent 10K on medical expenses, you can deduct 3K ( or 2,5 if it's 7,5%) . FSA is simply a way to save on taxes by putting money into it pre-taxed. You can also put money into it for childcare - same rules apply. HSA work the same way. Many medical insurances with high deductibles allow people to have HSA ( Health spending account)

[Elena]

Some info.
FSA (flexible spennding account)-tax-exempt account, unspent funds are forfeited.
HSA (health saving account)-money withdrawn to cover qualified medical expensed is tax-free; money withsrawn for other than healthcare expenses after payment of income tax plus a 15%penalty; unused funds is roll-over from year to year.
HCRA(health care reimbursement account)-tax-exempt account, unused funds are forfeited.
HRA(health reimfursement arrangement)-used in hight deducible insurance policy, can used unspended money for future years.

[Elena]

Maybe not everyone knows, but for insurance that you pay for your own house, you can get additional credit in taxes.

[Elena]

Пришло время готовить бумажки для отчёта по таксам 2010. Кто-нибудь знает, что новенького *в этом году?

[Konsta]

Я набрал достаточно поинтов чтобы получать SS benefits . Могу ли отказаться платить SS Taxes ?

[Геша]

Ничего себе... вам тут расскажи! :) *Просто так? Нет уж. Когда я иду к адвокату, он почему-то с меня денег много берёт за консультации. А почему я должен экономить кому-то деньги, да забесплатно? Наивные такие, просто любители халявы...
Хотите сэкономить? Нужно делиться и никак иначе.