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James Di Virgilio
Hello!
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Avatar for Jeanie Ahn from Yahoo Finance
Jeanie Ahn from Yahoo Finance
Hey there!
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Avatar for James Di Virgilio
James Di Virgilio
How are you Jeanie?
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Avatar for Andrea Woroch
Andrea Woroch
Hi guys!
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Avatar for Andrea Woroch
Andrea Woroch
Happy TaX Day! I have a confession... I’m just filed on Friday! It’s been a little chaotic here as I have a newborn and toddler and we moved!
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Avatar for James Di Virgilio
James Di Virgilio
Does anyone have any tax questions?
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Avatar for James Di Virgilio
James Di Virgilio
In case you haven't filed yet, there are a few things you can do to get a tax dediction. 1) Contribute to an IRA. 2) Contribute to a Health Savings Account
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James Di Virgilio
Deduction*
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Avatar for Question from Willis R.
Question from Willis R.
I'm in CA and owe both state and federal. What's the best thing I can do to try and be closer to even for 2019?
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Avatar for James Di Virgilio
James Di Virgilio
1) Up your withholding percentage. Use a tax calculator to estimate your bill. 2) Save more in your 401k/IRA.
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Avatar for Andrea Woroch
Andrea Woroch
A Whole Life Insurance plan can also work. In addition to the death benefit coverage theres a cash-value component that can allow you to build up a substantial amount of tax-deferred savings over time.
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Avatar for Question from Hillary
Question from Hillary
I’m single with no kids and don’t own property in Los Angeles. I have no deductions... is there anything I can do to lesson my tax burden??
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Avatar for Andrea Woroch
Andrea Woroch
I’m in California too! This is definitely one of the more expensive places to live from a tax perspective!
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Avatar for James Di Virgilio
James Di Virgilio
I am not a fan of whole life insurance. I think there are almosy no circumstances where it makes sense.
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Avatar for Andrea Woroch
Andrea Woroch
Retirement savings is definitely a good tool to lower you tax bill. Do you have a ROTH IRA set up?
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Avatar for Question from Willis R.
Question from Willis R.
2 kids here, is a 529 a good investment? Or should I invest the $ in an IRA so the withdrawals are more flexible?
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Avatar for James Di Virgilio
James Di Virgilio
Hiliary. Move from Cali? :/ You can save more into your 401k/IRA and contribute to a Health Savings account. (If you are eligible)
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James Di Virgilio
@Willis- Roths are actually amazing for college planning. I prefer them to 529s.
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James Di Virgilio
Hillary* My apologies for the typo.
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Avatar for Andrea Woroch
Andrea Woroch
I’m a fan of 529 plans. I have one for my kids. But yes the funds are limited to education related costs only . However these savings plan accounts can be transferred from one beneficiary to another
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Avatar for Question from Hillary
Question from Hillary
I’m already setting aside about 45% of each paycheck In a savIngs account (yes, regular savings 😣). No IRA
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Avatar for Andrea Woroch
Andrea Woroch
Hillary-Employer sponsored 401k?
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Avatar for James Di Virgilio
James Di Virgilio
Great job saving. Now it is time to employ that money correctly.
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Avatar for James Di Virgilio
James Di Virgilio
Does goodtalk have a retirement plan for you?
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Avatar for James Di Virgilio
James Di Virgilio
I am guessing they don't since they are a startup.
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James Di Virgilio
I am also guessing you are working for goodtalk. :)
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Avatar for Andrea Woroch
Andrea Woroch
Check out micro investing apps like STASH to get started investing your savings if you need some help!
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Avatar for Question from Hillary
Question from Hillary
No employer sponsored 401K
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Avatar for James Di Virgilio
James Di Virgilio
Are you a 1099 employee Hillary?
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Question from Hillary
Nope never 1099’d.
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Avatar for Question from Hillary
Question from Hillary
I’d rather invest in real estate rentals because I understand that world
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Avatar for James Di Virgilio
James Di Virgilio
So you are an employee without a retirement plan, correct?
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Avatar for James Di Virgilio
James Di Virgilio
If so, all you can do is save $6k per year in your IRA. :/
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Avatar for James Di Virgilio
James Di Virgilio
You should request be a 1099 employee
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Avatar for James Di Virgilio
James Di Virgilio
Then you could open an individual 401k and save up to a max of $56k.
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Avatar for Question from Hillary
Question from Hillary
Plan is to buy rental property, but buying property in LA is expensive (I won’t buy out of state and deal with out-of-state property/property management companies)
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Avatar for James Di Virgilio
James Di Virgilio
Rental property is a tried and true investment strategy. It is time consuming and can be challenging cash flow wise.
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Avatar for Question from Hillary
Question from Hillary
Yes as a 1099’d employee I’d be able to set up myself as an LLC or an Scorp and pay myself a small salary and pocket or save the rest, if that’s what you mean? But I thought the point of having an LLC or Scorp was that the money left over after paying my salary was supposed to go back into the company?
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Avatar for James Di Virgilio
James Di Virgilio
There are many benefits to being an LLC
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Avatar for James Di Virgilio
James Di Virgilio
In your current situation, you could use your 1099 status to save a bunch, invest it for your future, and get a large tax deduction.
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Avatar for James Di Virgilio
James Di Virgilio
You could also shelter yourself from some payroll taxes
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James Di Virgilio
Therefore, you could optimize your resources just by changing your employment status and tax structure..
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James Di Virgilio
Lastly, you don't have to leave any money in the LLC.
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Avatar for Question from Hillary
Question from Hillary
Sounds great.. I’m going to look into this
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Avatar for James Di Virgilio
James Di Virgilio
:)
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James Di Virgilio
Thanks for having me on Goodtalk. Enjoy your Monday everyone!
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Avatar for Andrea Woroch
Andrea Woroch
Have a great week!
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