Itemize vs. Standard Deduction Put Us at 70% Marginal Rate

[william the wie]

We only had to pay @ 30% this year and with withholding out of pocket was way less than $500 but I am running the numbers and at more than 1.5%/month dividend and option premium/exercise yield I need to get an LLC for my investment account obviously but what else do I need to ask my lawyer and brokerage firm about?

 

[Cellblock2429]

We only had to pay @ 30% this year and with withholding out of pocket was way less than $500 but I am running the numbers and at more than 1.5%/month dividend and option premium/exercise yield I need to get an LLC for my investment account obviously but what else do I need to ask my lawyer and brokerage firm about?

/——-/ What fees are you paying for an LLC? What will the accountant charge for quarterly taxes? Not sure if this is necessary.

 

[MarathonMike]

Are you investing with someone else? If not, I'm not sure why you would need an LLC.

 

[HenryBHough]

Last year I forked over an extra $400.

This year I get back $1,400.

Why?

Because I didn't change withholding amounts. But I will now. Only by enough to ensure that I get a little money back next year without giving government much of an interest-free loan.

You whiners had a choice. You could have left your withholding alone or you could get a slightly larger paycheck every pay period. But you overdid it. Now pay up and shut up.

 

[Cellblock2429]

Are you investing with someone else? If not, I'm not sure why you would need an LLC.

/——/ Some like to make things harder than they need be when it comes to investing.

 

[william the wie]

Are you investing with someone else? If not, I'm not sure why you would need an LLC.

Gail retired from Mayo prior to it getting abominated so we pay very little indeed above premium costs for prescriptions, tests, procedures and whatnot. That blew up our marginal tax rate because it exceeds Obamacare maximums of medical care. An LLC cuts my marginal tax rate to 20% from 70%. I've had an LLC before because of a business that I ran out of my house and then liquidated it for not making my minimum returns. We also topped out on contributions to missionaries, which is another no-no.

 

[william the wie]

With six brokerage accounts between us not to mention four non brokerage accounts. With no debts as well we are doing OK.

 

[Toddsterpatriot]

We only had to pay @ 30% this year and with withholding out of pocket was way less than $500 but I am running the numbers and at more than 1.5%/month dividend and option premium/exercise yield I need to get an LLC for my investment account obviously but what else do I need to ask my lawyer and brokerage firm about?

I need to get an LLC for my investment account obviously

Why, exactly?

 

[Toddsterpatriot]

Are you investing with someone else? If not, I'm not sure why you would need an LLC.

Gail retired from Mayo prior to it getting abominated so we pay very little indeed above premium costs for prescriptions, tests, procedures and whatnot. That blew up our marginal tax rate because it exceeds Obamacare maximums of medical care. An LLC cuts my marginal tax rate to 20% from 70%. I've had an LLC before because of a business that I ran out of my house and then liquidated it for not making my minimum returns. We also topped out on contributions to missionaries, which is another no-no.

An LLC cuts my marginal tax rate to 20% from 70%.

Unlikely.