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Some tips.. As I've made up for loss of benefits, etc. in other ways after going self-employed. I've always done my own taxes so was comfortable with that aspec
by dpweb 4y ago
Some tips.. As I've made up for loss of benefits, etc. in other ways after going self-employed. I've always done my own taxes so was comfortable with that aspect.
- Everything is deductible, your computer, home work space, etc.. They have phased out most deductions for employees.
- Max your 401k if you can (~55k Solo 401k) - this will make up for SE tax AND reduce your AGI so you can be less likely to be income phased out of certain benefits.
- Move to a state income tax free state, if feasible. Saved me $10k/yr.
- Look into short-term health plans. They aren't ACA, but have very desirable terms. For instance, marketplace plan for me 8700 deductible, 16000 out of pocket max was $550. Short term plan $2500 deductible $2500 out of pocket max (just no ACA protections/benefits) was $330 and is ALSO tax deductible, so more like $240. Networks are similar for instance mine is United Healthcare national network.
- outcoldman 4y agoAlso move to North Carolina and purchase a house for 200k instead of 2M in Seattle area ;)
- mindcrime 4y agoSorry, North Carolina is full. We're not taking any new incomers. Please consider Florida, which has the added benefit of "no state income tax."
- queuebert 4y agoAlso, free Hurricanes and alligators.
- andrew_ 4y agoSorry, Florida is full. We have lots of hurricanes and gators and bugs and crazies. Please retreat north, which has "seasons" and mountains and things. I hear the hipsters up there make great beer.
- jkepler 4y agoFlorida also has pythons, moving north from the Everglades.
- HeyLaughingBoy 4y agoThe pythons are there to keep the alligators from gettin' too uppity.
- s5300 4y agoFlorida is a never. They’re truly trying to completely dismantle public education. In a lot of parts (suburbs & such) people will ask anybody new they notice what church you go to. If your answer is anything other than a church you actually go to, word will spread pretty quickly & they’ll genuinely harshly look down upon you. This is overwhelmingly upper middle aged to elderly, but some of their kids follow suit. It’s a fuckin swamp. Humans were not very made to live in swamps. Without trying to sound more xenophobic than this already does - the Cubans need a generation or two more away from Castro… some of them are quite openly insane about perceived issues that don’t actually exist in our country. Pipeline to prison is very real & social safety nets are non existent. It very much pushes people to either kill themselves or become very… unfortunate people to find yourself having to deal with. That said, most humans don’t go the route of killing themselves (a good thing) so you have a lot more of the latter. Police like to think they’re Wild West cowboys & they get the authority to execute you with no repercussions faster than barbers get licenses to cut hair. Training with their weapons less time than a boy scout took to get a (weapons related) badge. Sorry for the rant. Florida is one of the rudest awakenings for many who move there with happier ideals in mind. Much worse than a lot of Texas.
- clove 4y agoThis is the best unintentional advertisement for Florida. Your state sounds awesome. If I move back to the US, I'm going to become a Florida Man (TM). How are they trying to dismantle public education, by the way?
- s5300 4y agoYou think random strangers coming up to you to question you about your religion is awesome? Not entirely sure what to say to that. Maybe you’d have a nice life living in a theocracy… As for your question, google (or search engine of your choice) is your friend.
- formerkrogemp 4y agoThey're banning math textbooks for having CRT or some BS among other things.
- spiffytech 4y agoNorth Carolina won't have cheap homes for long. Housing prices are already skyrocketing, and several big tech companies are building new offices in the Triangle. NC is going to befall the same fate as Austin and every other once-affordable area that tech moved into.
- mandeepj 4y ago> Move to a state income tax free state It's not binary. State has to get its revenue from somewhere, so then you will pay higher property tax and/or sales tax
- devoutsalsa 4y agoFor example… As the “show me” state, Missouri does not tax the income generated by Twitch hot tub streamers and OnlyFans content creators, but the viewers pay an ogling tax based on tracking eye movements.