Thursday, December 02, 2010

Just a Reminder to Those Who Feel the Money They Earn Is Actually Theirs

For those of us who feel that the money we earn is actually ours and bristle to hear over and over that it "costs" the government when they can't take it away, the end of the year brings important deadlines for various tax avoidance strategies to remember. There is alot of juice out there - if you run an LLC and have a Simple IRA, you can take $11,500 in foregone compensation plus the employer match, which could be another $6,000 (which you pay yourself; remember the deadline is 01/30/11 to get all the $ in); there's $6,150 in HSA contributions that you can make pre-tax (12/31/10); there's that 529 plan to help you with the state tax collector (12/31/10); and grab all that mortgage interest deduction that you can while it's HOT!! There are special rules surrounding spousal IRAs, so don't run afoul of them, but check them out for some potential extra juice. Also, I hope you took out that HELOC at these peanuts rates and pumped the money into an accretive investment that you can monetize when Pelosi and Obama are working the lecture circuit.

And remember folks, NO CHEATING because we have to give those black farmers $5 billion, those unemployed 150 weeks of unemployment, and we have to fund all those TSA agents touching your pecker.


Blogger muckdog said...

Very nice (he says while bristling).

12:21 AM  

Post a Comment

<< Home