User Tools

Site Tools


money:taxes

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revision Previous revision
money:taxes [2020/11/06 21:44]
admin
money:taxes [2020/11/07 12:05] (current)
admin
Line 89: Line 89:
   * 2018 Tax Cuts and Jobs Act made **hobby** expenses non-deductible. That changes a lot...spend away!   * 2018 Tax Cuts and Jobs Act made **hobby** expenses non-deductible. That changes a lot...spend away!
 <blockquote>Are you a Hobby or business? It makes a difference. A hobby is by far the easiest way to report income. But no expenses are allowed while SE tax is avoided.</blockquote> <blockquote>Are you a Hobby or business? It makes a difference. A hobby is by far the easiest way to report income. But no expenses are allowed while SE tax is avoided.</blockquote>
-===== Trust and stuff =====+ 
 +===== Beneficiaries and stuff ===== 
 +^ Will ^ Trust ^ Transfer on Death Plan ^ Donor-Advised Fund ^ Charitable Remainder Trust ^ 
 +| Assets have to go through probate (court). $$ and time | All contents have to be withdrawn within 5 years? \\ Expensive to draw up since you have to re-title house and maybe other stuff | Good | Matt Cutts (Google) talks about it. Better than a foundation, apparently. https://www.mattcutts.com/blog/make-money-investing-tips/, and links to "excellent advice": http://www.businessinsider.com/finally-some-excellent-investment-advice-2011-12. \\Deductible going in, untaxed going out. https://www.kitces.com/blog/rules-strategies-and-tactics-when-using-donor-advised-funds-for-charitable-giving/ \\ Also Intel / Benevity will match as long as you provide receipt. https://soco.intel.com/message/5382165#5382165 \\ Has anyone here opened a donor-advised fund (DAF)?  I just learned about DAFs, but they seem like a no-brainer for anyone who does any regular charitable giving.  My main interest would be in the ability to transfer in highly appreciated assets (such as old Intel stock with cost basis in the teens), liquidate them tax-free (!), make donations in cash (since many smaller non-profits can't receive stock donations), and take a deduction for the full current asset value.| Untaxed. Pays you out of the trust >5%, gives remainder on death to charity. \\ Seems kinda a way to get out of high windfall taxes and spread out income but stick a charity label on it as you can deplete it before death. Weird \\ https://sivers.org/trust | 
 + 
 + 
 +=== TOD Plan === 
 +  * Allows the money to be disbursed over the lifetime of the person, instead of 5 years (larger taxes) 
 +  * Fewer lawyers involved, no probate. 
 +  * But should probably check it out with a lawyer too  
 +  *  
 + 
 +  * Do you need a will? Is it who gets the money from your stuff, or rather your stuff itself? 
 +  * The TOD beneficiaries trump Will beneficiaries. 
 +  * Make sure the beneficiaries know who they are and print out all logins and important documents in an easily findable folder in the safe. 
 +  * Vanguard advice for [[https://investor.vanguard.com/beneficiaries/nonretirement|non-IRA]]  and IRA accounts. 
 + 
 +Writing a will 
 +  * Easy to copy a basic one online and have it notarized. Once you sign it, you're done! 
 +  * Simplifies a lot of things especially if you forgot to put a beneficiary on your 401k. 
 +  * Intel will pay for legal services for this too. 
 + 
 +==== Trust and stuff ====
 Living Trust lets you avoid probate fees. Need a piece of paper, with community property agreement. Living Trust lets you avoid probate fees. Need a piece of paper, with community property agreement.
  
money/taxes.txt · Last modified: 2020/11/07 12:05 by admin