412i tax deferral and other ways to get below $250,000 income for 0bama

dw | 03/09/2009 | dw

[dennisw]

412i tax deferral and other ways to get below $250,000 income for 0bama

I hope this thread can give freepers some good ideas

The specific situation is this:

This relative of mine makes $150,000 per year as an independent contractor and $230,000 as an employee. How can he get below 0bama's $250,000 line? He is new to 412i tax deferred pay.

Is there a limit to this 412i deferral?
Do you have good recommendations to administer such a plan? New York Life is one

Any other ideas for reducing income above $250,000 that 0bama wants to jack up taxes on?

Thank you!

 

 

[jveritas]

I meant people who make $ 250,000 or more.

[Dixie Yooper]

Due to soon to come hyperinflation, anyone working in a few years will be making over $250,000 a year, even the lower middle class Americans holding minimum wage jobs.

[Mike Darancette]

Based on the direction of current real estate values I would ask for a reassessment.

[Mike Darancette]

Marshall Law

Who is Marshall?

[Doogle]

the cousin ,he added an “L”

[ladyjane]

Home office? Not the best deduction. It can flag you for an audit and affect your taxes when you sell your home.

Anybody making 200k or more should have an accountant.

[freespirited]

I don’t see any reason not to take any deduction I am entitled to. I’d rather have the value of the deduction and have to provide the documentation than forego the deduction out of fear of an audit.

In reality, I have had a home office for more than 25 years and never been audited.

IIRC, the sale of home impact does not apply if you convert the house back to exclusive personal use for two years before sale.

[Reeses]

Can he work somewhat remotely? Life aboard an ocean freighter or ship is tax free, assuming the ship is flagged under the right country. It then becomes a floating piece of that country that can go inside of ours, I assume up the Mississippi to Chicago and the Great Lakes. There are spacious freighter cruises for $100/day, including meals, which is about what living on land in a house costs.

[dennisw]

lol.... do an L Ron Hubbard

[Mike Darancette]

Martial Law

[Doogle]

shuuuush..I know I know...one of those spell check oh sh*t moments

[Doogle]

..weird how the mind works, I was just trying to figure out the Martial Marshall thing......a few weeks ago I ran into an old high school friend who I hadn't seen in over 25 years or so. We struck up a conversation and started the old recall stuff and like most buds got around to talking about other guys and girls and who was doing what and where people went and stuff like that....during our conversation we spoke about a very good friend of mine that die in that Marshall Univ. air crash of the early 70's..his name, Kevin Gilmore, a great kid who could run like a spooked deer, besides having football abilities, he was just one of those reliable good natured guys who always had a smile and came from a very nice family, brothers and sisters who all had that good quality of just being helpful and neighborly whenever they were called upon. Then this weekend passed, another friend brought up old high school memories and once again....the crash was in the conversation....so I guess when I was typing away without really thinking (not hard for me) Martial became Marshall with ease (for me)*smile*