re: Feeling broke on a $665K salary

Its not what you make its how you manage.

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if you are self employed or even have an entrepreneurial side business you can offset vehicle mileage, shipping, advertising, website fees, percentage of home internet charges used for business, professional publications, dues, memberships, business-related travel, office supplies, anything related to home office. You can buy properties and write off accelerated depreciation. there are a lot better options than just handing a check to the government.

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Yes I know what deductions and expenses are. Hence why having an effective 20% tax rate on a million dollar income(200k) is actually pretty good. If someone had no deductions expenses they'd be writing a 300k+ check.

Yes its reasonable to try to classify as many of your expenses as business related to get the deduction, but You also seem to be under the impression that it's a good idea to spend money on business expenses if it means it'll lower the tax bill...which it's not.

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“I made a million dollars last year,my tax bill is $200,000 a

I would get a new cpa

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I'd snitch on him to the IRS for the reward.

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284k? The median US household income is 75k

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I swear some people are so insulated from reality it's perplexing

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You also seem to be under the impression that it's a good idea to spend money on business expenses if it means it'll lower the tax bill...which it's not

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business expenses = assets

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He told her “I made a million dollars last year,my tax bill is $200,000 and I have $200 in my checking account.”

Knowing him and his situation, it was his wife that was the spendaholic and he couldn’t control her He didn’t wear expensive clothes,he drove an old Chevrolet truck.

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I’d kill the bitch.

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Jeff earns an enviable $665,000 a year, the couple — married 19 years — are still struggling to pay the bills.

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Sounds like a spending problem. Bet he isn’t saving much for retirement either

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Jeff’s salary is high (his take-home pay, after taxes, is $426,000 a year)

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Chump change

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CobraCommander83

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is this the opposite of ClitCommander?