I need to have a kid and buy a house!

[raehtz10]

Just did our taxes...

Damn man, I make too much money with not enough deductions. I tried itemizing, but I was still $7500 under the standard deduction. We need to have a kid or two and buy a house!

[Gxgolfer]

Its a nice problem to have. Lots of investment strategies from 401k to buying just land for interest deductions.

[matt411]

what you need is a better accountant. :)

[jdhallissey]

I need sponsers for this up coming golf year. Wanna help out? That would make you some deductions! :)

[asitlies]

Why does everyone think that the interest income deduction is a great thing - you're still paying interest - if you don't need to, don't. I have no mortgage at the moment, but will again soon, I'm sure - it's no picnic... I would prefer to own outright, and EARN interest on my dough...

 

OK, now everyone can attack, but it's not like you still don't end up paying...

[Gxgolfer]

There is good debt and bad debt. Depending upon your need and financial situation, owning a property that you live in and have even a small mortgage can effect your tax bracket and increase your total wealth assets.

[sheppy335]

Kids help on taxes houese take time to help.

[jkristie44]

I only got 1,000 for my child. He cost more than that per year. Don't have a kid just for taxes, have one because you want to.

 

James

[Rabidpenguin45]

Also when choosing to have a kid, think about all the teenage charges they will bring about. 13 years down the road or such... you'll be shelling out money for music, entertainment(movies, mall, those things) cell phone bills, car& gas... teens are also very costly... i hear that from my parents all the time. :drinks:

[raehtz10]

Yeah, definitely the house first. Why is it good? Because I am paying rent right now and not getting a frickin thing back. A mortgage = equity and interest. There is a difference between having disposable income and paying less in taxes. My interest paid this year went up 4% from last year.

This is the first time my wife and I have filed from a year we worked fully through. Until now, we have been students.

 

As far as a new accountant, that would not make a difference. There are no big medical bills, we only paid half of our college each, so interest isn't that much to deduct, and donations only go so far. You can't make nothing from nothing.

 

I am contributing a good percentage (6%) to a Roth 401K, and the 4% the company matches is in a traditional 401K. I just hate to see how much taxes I am paying this year because traditionally, I have been paying a very low percentage.

 

House this year by June. Kids to follow as they decide to join us. We are 24 now, and will be done having kids by 30. And as far as teens go, they can get a job and a little responsibility. I will pay for a car and insurance. They can figure out how to make it go from A to B. Worked for my parents, and I think it should work for me. You have to give them a vested interest, otherwise they might take advantage as proven by my ex-roommate that is pre-med and in his 6th year as a sophomore.

 

Go ahead and laugh, if and when he finally graduates, you all will still call him Dr. Smith. Scary, huh!!

[Johnny]

deductions for kids dont nearly offset the cost... trust me.

[jkristie44]

Also when choosing to have a kid, think about all the teenage charges they will bring about. 13 years down the road or such... you'll be shelling out money for music, entertainment(movies, mall, those things) cell phone bills, car& gas... teens are also very costly... i hear that from my parents all the time. :rolleyes:

 

Do you mean criminal charges, or credit cars charges?

 

I know I had a couple of years when I was in High School that my dad shelled out some good money for attorney fee's to save my a@# from some dumb pranks.

 

James

[tbowles411]

The most you will save on home interest is the first 3 years. Almost all of your payment goes to interest until year 4, then it begins dropping.

 

Pay yourself first in a 401K or traditional IRA to remove the money from the IRS' sight. You have until April to open one. THE trick is that you can afford the taxes now, maybe not when you are 60. Don't forget charitable giving and Goodwill or Salvation Army donations. Then you can take the adjusted market value of your donations off your taxes.

[mat562]

Damn man, I make too much money with not enough deductions. I tried itemizing, but I was still $7500 under the standard deduction. We need to have a kid or two and buy a house!

 

My dad always said "I want to be paying a million pounds a week in tax.."

 

I often wonder if he would have felt the same if he actually was. Or if I'd be visiting him each Christmas in the Channel Islands...