I work for one of the larger CRE firms and we actually had a company wide conference call yesterday where they touched on it. I guess our analysts are predicting 10%, but either one is a huge improvement from the 35%.
When we met with my CPA, his firm thought when the new administration got done with the corporate/int'l tax adjustments we were going to see lower rates for personal taxes. They seemed to expect 35% would be the highest rate with a chance at 33%. They thought it could happen later this year and would be effective for 2017 taxes. I'm not sure if I agree but I thought it was interesting.
I wouldn't be surprised to see a GOP lead congress and WH pass lower income taxes. Especially if Obamacare gets repealed which tacked on some extra % on the top bracket, I think.
What your CPA's firm thinks means absolutely nothing unless his firm somehow has ties to the new administration.
To that point, he also mentioned if the ACA is repealed, the 0.9% Medicare surcharge and 3.8% tax on capital gains for people with incomes over $200k(single)/250k(married) that is associated with the ACA would also go away.
Oh word, are you a broker, investment, or debt side? I went to the Atlanta Apartment Association Market Outlook & Investment Panel today. Really interesting to hear what possible changes could be made. Do away with 1031, but write off 90% of the investment in year 1 for example. Below is from August, I'll post the one from today when it gets up. Has a lot more info about proposed changes. https://www.atl-apt.org/uploads/Education_Info/CBREAAAPresentation_3Q2016F2-August_2016_Malcolm.pdf
Prepped an extension for myself tonight; fuck if I know if my K-1 is showing up before 4/18. Been a (mostly corporate) tax accountant for 4 years. Now I understand why people get pissed about them showing up late.
Need general direction. I'm 23, putting 5% into my 401k that is matched by my employer. Ive had a roth since I was 18 or so and continue to put money into that every year, now that I have a real job I'll be putting a lot more into that at the end of the year. Thankfully I have no student loans and no car payment so I have some extra cash right now that I want to invest into an index type fund, someone point me in the right direction on how to learn more about this.
Standard personal finance advice is: -match employer 401k -emergency fund of 3-6 months -max Roth IRA -max 401k -invest your play money
I have an emergency fund that is sufficient. My problem with my roth is that I made a low amount of income in 2016, I was a student for the majority of the year, so maxing out 5500 would be above what I made throughout the year, but I do plan to max out the roth for 2017. So should I keep the extra money I have in a simple goldman sachs savings account that is liquid that currently provides me with 1.05% interest, allow that to sit until later in the year and apply that towards my roth? Just learning about all of this stuff so apologies if this is all wrong/stupid
Also, any basic personal finance, entry investment type books I should read immediately before I make any big decisions?
you can go ahead and max the roth for this year if you haven't already, just choose to have it applied forward
didn't you talk about med school/physician route at one point? if thats still on the horizon the white coat investor stuff is legit
So if I have the cash now to max it out, I can max it out for 2016? Even if I made such a small amount? I just started this job this month.
I will be the contrarian and say do not max anything. Take the employee match and use the extra money to create passive investments. Maxing your 401k that you won't see for 40 years...I just will never do it personally.
If your income is high enough to support it, you can make Roth IRA contributions until April (I think) and choose to categorize them as tax year 2016. Edit: disregard. I didn't know the rule of being limited by your income.
I am a real estate investor. So I love people who think like you. Less competition for me. Keep thinking small time.
And not everyone is you. Increasing contributions to a tax advantaged account is pretty good advice for most people. Dick
Lol, I'm a dick for not telling someone to follow typical advice? Ok. God forbid someone had a different opinion on how to become wealthy.
The number one sign of a shitty human being is someone that can't tolerate another viewpoint. Keep doing your thing RU. FWIW I completely agree with you. Max out the 401k up until your match. I make too much for the Roth but if you are under the cap contribute there as well. Maxing out the 401k beyond the employer match however is for the birds. You want to have some liquidity for life before you are in adult diapers at age 65. You want money for vacations and other nice things while you are living life. Additionally you want some liquidity in case an investment opportunity comes along. Don't completely hand tie your nest egg by making it inaccessible for the next 30-40 years.
If you aren't maxing your 401k on a physician income, you're doing it wrong. That should hardly put a dent in your available income. I'm not saying that applies to everyone. But it definitely applies to you.
Exactly. You hit this out of the park. Not surprised you make a ton of money (lots more than me probably). We have the same philosophy. I don't really post on this board anymore, but I suggest people read "How Rich People Think"
If you follow guidance such as Dave Ramsey's financial peace university, he advises 15% in your 401k, and then beginning to save for kid's colleges, paying off home loan early, and other investments next. So if your company is giving you some, it reduces how much you have to put in to get there, thus likely not going to hit a crazy % that would cause you to max out. Between company and myself I am putting in 20%, but thankfully from my employer, my % of that is pretty low so I can choose other things to invest in as well, like a 529, overpaying my mortgage each month, and a betterment account I have set up.
They aren't making any more of it. I'd think it would be good as part of a balanced, risk adjusted portfolio. Would be influenced by Ag Policy and Immigration, but the demand would likely be there in the future as population increases and resources become more scarce.
Ramsey is great because he teaches people that nothing is more important than saving the money you already have i.e. Decreasing spending. It's money that is tax-free and you don't need to do anything to keep it. He does have some flaws though. His debt snowball plan is idiotic. It's something you would create for a woman. You don't want to pay off the smallest balance loan first to help your mind. You pay off the highest interest rate loan. Period. Next, paying off your home early...wtf. Don't do this. Most everyone should have a mortgage interest rate in the 3's and your car loan should be in the 2's tops. If you are not in these ranges or below refinance immediately. An interest rate in the 3's is not something you pay off early. Keep it forever, pass it onto your kids. You can far outgain that %age in the stock market.
I feel like Ramsey is viewed as a common man advisor. Having an emergency fund is personal finance 101, and not really groundbreaking. His debt management advice is criminal and takes away any of his perceived credibility. I don't know how anyone listens to someone who pimps out such laughable strategies.
Do people not use their Roth as 6 months of savings? I don't do anything risky in my Roth and a key purpose of it is to get yield more than my checking account with nearly the same liquidity.