#tax advantaged

[lunaamorris]

Tax-Advantaged Retirement Plans For Self-Employed Individuals

Self-employed individuals face unique challenges when saving for retirement, but they also have access to several tax-advantaged plans designed to help them build wealth while reducing tax liability. Understanding these options is essential for maximizing your retirement savings.

SEP IRA (Simplified Employee Pension IRA)

A SEP IRA is a popular choice for self-employed individuals due to its simplicity and high contribution limits.

Key Features:

High Contribution Limits: You can contribute up to 25% of your net earnings from self-employment, up to $66,000 (2023 limit).

Tax Advantages: Contributions are tax-deductible, reducing your taxable income, and earnings grow tax-deferred until withdrawal.

Ease of Setup: SEP IRAs are easy to establish and manage, with minimal paperwork compared to other plans.

This plan is ideal for those with no employees or a small workforce, as contributions must be made at the same percentage for all eligible employees.

Solo 401(k)

A Solo 401(k), also known as an individual 401(k), is designed specifically for self-employed individuals or business owners without full-time employees (other than a spouse).

Key Features:

Dual Contribution Roles: As both an employer and employee, you can contribute twice—up to $22,500 (under 50) or $30,000 (50+) as an employee and 25% of your net earnings as an employer, with a combined limit of $66,000 (2023 limit).

Roth Option: Some Solo 401(k) plans allow Roth contributions, offering tax-free withdrawals in retirement.

Loan Provisions: You may borrow against your balance, providing financial flexibility if needed.

Solo 401(k)s are an excellent choice for maximizing contributions, especially for high-earning self-employed individuals.

SIMPLE IRA (Savings Incentive Match Plan for Employees IRA)

SIMPLE IRAs are suited for self-employed individuals with a few employees.

Key Features:

Ease of Use: SIMPLE IRAs are relatively easy to set up and administer.

Contribution Limits: You can contribute up to $15,500 (under 50) or $19,000 (50+) in 2023, plus an employer match of up to 3% of compensation.

Tax Benefits: Contributions are tax-deductible, and growth is tax-deferred.

While the contribution limits are lower than SEP IRAs or Solo 401(k)s, SIMPLE IRAs are an affordable option for small business owners.

Defined Benefit Plan

For self-employed individuals with consistently high earnings, a defined benefit plan offers the highest contribution limits of any retirement plan.

Key Features:

High Contributions: Limits are based on your age and desired retirement benefits, allowing contributions of $100,000 or more annually for older individuals.

Tax Deduction: Contributions are tax-deductible, significantly reducing taxable income.

Customized Benefits: You determine the retirement benefit you want, and contributions are calculated to meet that goal.

Defined benefit plans are complex to set up and require ongoing actuarial assessments but are unmatched in their potential for substantial savings.

Conclusion

Self-employed individuals have several tax-advantaged retirement plans to choose from, including SEP IRAs, Solo 401(k)s, SIMPLE IRAs, and defined benefit plans. Each plan offers unique benefits tailored to different income levels, business structures, and retirement goals. Consulting a retirement investment advisor can help you select the best option to maximize your savings and minimize taxes, ensuring a secure retirement.

[zivazivc]

Meta & Flint, the freaks who named their daughter Oblivion.

Don't let their looks fool you, they are actually good parents. (Maybe "okay" parents, they did let Liv run away with her boyfriend they never met and his band at 15. (But she was responsible and called them to explain her decision and that she already talked with the school and will be taking special exams at the end of every semester, so it's all good lmao.))

In my AU the Techno/Rock Trolls are the largest population of mixed trolls. They live concentrated along the shore between the Rock and Techno Kingdoms and also extending north into the no-man's-land on the map. This whole area is simply referred to as "the Shallows". They have their own communities and villages there which are located partially on land or exposed reefs/rocks and partially in the water.

Liv grew up in one of those villages. Her parents own a small apartment carved into a cliff side above the ocean. Personally they prefer walking over floating/swimming, and they can't stay in the sun for too long either (they all inherited sun sensitive skin from their Techno sides) so this way they're mostly on land and also aren't in direct sunlight after noon.

It's a modest home but I imagine they must have the prettiest sunrises.

Despite the Shallows having their own communities they still belong under the Rock Kingdom which doesn't really care about them or their different needs much, so a lot of the trolls living there are very anti authority.

[leviachanbaka]

One of the things I really like about the demon brothers is how desperate they are for MC's validation. If MC ever told someone they're into malewives, all the brothers would start doing the house chores properly to get compliments from that sheep They'd even wear maid outfits or cat ears if MC said they're into it

[mistyheartrbs]

something else i thought was really interesting about i saw the tv glow was the way that there's never really talk about like...the pink opaque as fiction/the pink opaque as a creative work - which makes perfect sense since within the movie as a fable, the pink opaque is a metaphor and is moreover more real than "reality," but on the fandom-engagement level it stood out to me!

i'm again speaking from experiences about a generation removed from the 90s/early aughts era and i think there's very much something to be said of modern fandom and the way it's moved into this weird space of desiring validation/"canonicity" from showrunners, much to do with the ease of accessibility to those people. two kids in the jersey suburbs in the 1990s wouldn't be able to just reach out to the pink opaque writers the way that a contemporary audience can dm/reply to/etc. showrunners on social media etc now. but even so, it's a glaring sort of absence - when we see the pink opaque opening theme, the character names show up where you'd expect actor names (and where actor names do show up in the buffy theme, which was a major inspiration). we don't know how long it's been on the air or who created it or where "the county" even is (because it doesn't matter, because the suburbs are the same everywhere forever)

we know it's at least a pseudo-popular series - it runs for five seasons, and merch exists (the episode guide maddy has in the beginning) - but because the film is essentially a two-hander we don't see a wider world engaging with it. because isn't that how it always is? the story is what you make it.

and the streaming version in the third act pushes this even further - it's a different show entirely, again because isttvg is a fable, it's not a literal movie, and it pushes you against a literalist reading. it's different because owen/isabel is miserable and can't even take solace in this thing she loved anymore. it's different because if you watch something alone it's a world away from watching it with your friend. it's different because somebody ripped out its heart.

[jq37]

I'm like genuinely interested as someone who thinks a lot about the craft of critique and fandoms the ways in which the current Rat Grinders discourse shows why you can't really apply the same lens you use to critique a pre written story vs an improvised actual play show by a bunch of comedians who are first and foremost concerned with committing to the bit. Like Porter's a great example of this, he went from a nothingburher to secretly evil with a whole lore and backstory!

In the same vein the Rat Grinders probably could have turned out to be not as culpable in all of this had the Bad Kids really tried to bond with them, but instead they focused on other things with the way downtime was structured! And because they did that they could pass the Last Stand, and are safe from Porter's rage thing! Like legitimately I really liked the mechanics of downtime this season, it just also came at the cost of developing the Rat Grinders!

(Though to be entirely fair, the BKs did try to engage with Oisin, Ivy, and Ruben and then Oisin launched the house, Ivy was racist, and Ruben still attacked Wanda so)

I think it's really fascinating from a storytelling/game design perspective! The downside is the Discourse is so tiring

Yeah it's interesting. I covered some of this in other asks so I'm gonna hit on the stuff I haven't yet.

If you're telling a story that is based partially on user input, it's not entirely fair to be like, "This subplot was underdeveloped" if the reason for that was that the players didn't make choices to facilitate that development. When DM's push hard for the players to care about things they're not interested in, they get hit with railroading accusations.

And even outside of the player choices, there are also the rolls. A BIG part of D&D is the randomness of the dice. Even if the players care about something, it doesn't mean they'll get it. I'll mention again that Kristen tried to roll Insight on Buddy before the final fight and got a Nat 1. What is she supposed to do? Roll again until she gets a good read on him? That's not how that works. If the dice aren't cooperating, there's not much you can do. And you can make sure your big story beats don't rely on dice but at the end of the day they *will* shape your story in ways you can't control.

Another key thing about the medium, as you pointed out, is things can change on the fly. The confluence of high rolls and serious interest can change things that were behind the screen canon in an instant. In Burrow's End, Aabria planned for Bennet to have a family but as soon as Tula/Brennan expressed interest in romancing him, she Thanos snapped that family out of existence. I don't know how much Brennan wanted the Rat Grinders to be recruitable but even if he'd planned them all to just be foils and evil and nothing else, I can totally see him flipping one if they'd really wanted to and it would have made for a good story beat.

Anyway, yeah! Interesting stuff to think about. Even though D20 often feels like a TV show, it's important to remember that it's a different beast in many ways.

[blossoms-phan]

just remembered the government of canada paid for my tit ticket

[alwaysbewoke]

x

[vynnyal]

Unga bunga these take 3 hrs to make

[isawthismeme]

[mangoofthesea]

How many things do you think need to be set on fire to disrupt capitalism enough to create a livable society? Asking for a friend

[mistress-light]

Getting my pension in order be like:

[thousandth-island]

Deep Cut would get married and divorced for tax reasons

[hugblob]

A GOD DAMN YELLOW JACKET JUST TOOK A PIECE OF MY FOOD. I WAS HAVING A NICE PICNIC AND IT STARTED FLYING AROUND ME AND I DIDN'T WANT TO SWAT IT AWAY FOR FEAR OF GETTING STUNG AND I WATCHED IT LAND ON MY FOOD, DIG ITS GRUBBY LITTLE HANDS IN THERE, TAKE A PIECE AND THEN FUCKING FLY AWAY WITH IT.

[moongothic]

I was doing some online window shopping on Crimbus Eve and noticed these cups I had been Yearning For from Rogue & Wolf had a really big discount on them so. I got myself a Crimbus Present and ordered two of them uwu

They're so pretty, I love them to death, but. Good god, I did not realize how fucking big these cups were. They're huge. Massive.

I mean I guess that's what I get for not checking the measurements before ordering them lmao but good god

[ecstasydemon]

fmk anon- i'm demisexual and you don't annoy me so the only other option is marry. we can totally share benefits and take care of a pet or something.

inch resting... good to know

[kc22invesmentsblog]

Unlocking the Power of Tax Knowledge: A Guide to Tax Advantages and Financial Literacy

Which topics would you like to be more informed about? Written by Delvin In the ever-changing landscape of business and finance, staying informed is crucial for success. One area that holds significant importance is taxes, which can often be complex and overwhelming. However, I believe that by understanding the various tax advantages, loopholes, and benefits available, you can optimize your…