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UPS Retirement Topics
I need advice on 401K
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<blockquote data-quote="$BILL" data-source="post: 1839925" data-attributes="member: 59831"><p>Ms. PacMan is correct, My state has no state taxes and there are lots of other strategies. Fifteen years ago I got one of those god awful huge tax manuals and planned a long term strategy to reduce my IRS bill. The business is the real bonus. We gross $3300 a week and net $3000, nothing illegal and the IRS knows everything we are doing. They gig me on anything they can and paper audit us yearly but never a real audit. Not posting this to be a <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" />bag but in my center most drivers work their butts off and take home $1000/week. The principle in 401K and traditional IRA WILL be taxed in retirement. Hence they are tax deferred accounts not tax exempt. This info is for the OP and any other driver starting out. Do it right and enjoy the fruits of your labors. Current and likely future fed policy is to penalize savers in order to spur economic growth, long term policy failure most likely but officials get elected every four years, they care about now not later. Bernanke declined to be reappointed as fed chairman, ask yourself why. As usual its the women that can understand and accept what I'm saying.</p></blockquote><p></p>
[QUOTE="$BILL, post: 1839925, member: 59831"] Ms. PacMan is correct, My state has no state taxes and there are lots of other strategies. Fifteen years ago I got one of those god awful huge tax manuals and planned a long term strategy to reduce my IRS bill. The business is the real bonus. We gross $3300 a week and net $3000, nothing illegal and the IRS knows everything we are doing. They gig me on anything they can and paper audit us yearly but never a real audit. Not posting this to be a :censored:bag but in my center most drivers work their butts off and take home $1000/week. The principle in 401K and traditional IRA WILL be taxed in retirement. Hence they are tax deferred accounts not tax exempt. This info is for the OP and any other driver starting out. Do it right and enjoy the fruits of your labors. Current and likely future fed policy is to penalize savers in order to spur economic growth, long term policy failure most likely but officials get elected every four years, they care about now not later. Bernanke declined to be reappointed as fed chairman, ask yourself why. As usual its the women that can understand and accept what I'm saying. [/QUOTE]
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I need advice on 401K
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