It was that time of year to do my 2021 income taxes. I put this off until I could get all of my documents together, and over 3 days and maybe 4 hours, I completed it. The hardest part is getting the documents that have the income reports. – that’s the 1099s and dividend reports, […]
Tag: taxes
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Asset Testing – The Wealth Tax
One risk of being a high-income medical professional is that you will likely accumulate a lot of wealth. Since you can’t hide your wealth from the IRS, it is something which can be eventually taxed in the form of a wealth tax. To do this, asset testing is used to determine your net worth. Imagine […]
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Estimating Income Taxes for 2018
I used Free Tax USA for the first time yesterday to file my income taxes. I’ll share with you my estimated numbers. I haven’t filed yet because I want to compare the numbers to TurboTax, which I have used since 2007. This software should cost me less than $100 since I would get the deluxe edition. […]
You can start accessing your qualified retirement accounts starting at age 60. This includes your 401k, 403b, 457, IRA, Keogh, etc. But by age 70 you must access your retirement accounts or else face a tax penalty. This brings up the topic of required minimum distributions (RMD). Having excess money is a good problem to […]
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Investment Performance & Profits
Eric is one of my regular climbing partners whom I boulder with in the middle of the week. He recently switched to working nights and even though we were advancing together on par, his gains have halted. We climb the same schedule as before. We run the same drills and we are pushing each other […]