Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 10-07-2014, 11:54 AM   #21
Thinks s/he gets paid by the post
target2019's Avatar
Join Date: Dec 2008
Posts: 3,862
SEP-IRA is not limited by 401k contributions. Not sure about the other plans being discussed.

target2019 is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-08-2014, 11:38 AM   #22
Recycles dryer sheets
Join Date: Jul 2009
Posts: 348
OK - so still considering how to increase number of deductions there a point at which his primary (I am calling it this because it does not take 40 hours per week and is so time-shared with secondary activities as to blur) job's time/income mandates that it be the "full time" position we usually understand? Is there something specific that makes it this? Some ratio of it to other jobs? What, for instance, if he played "full time" with two different orchestras (this happens sometimes, just not to him, yet) ... both could not be "full time" but would rather be two large jobs with several other smaller ("secondary") jobs ...guess am asking if being a professional musician means the edges between jobs are so ill defined that the old considerations are arguable?

stephenson is offline   Reply With Quote
Old 10-08-2014, 01:13 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 5,345
A person can have 10 jobs, if that person gets a W2 at say 3 of them, then any expenses associated with those 3 W2 jobs generally cannot be deducted.
The other 7 jobs a person has are the SE (self employment) ones and he would just list as Self employed income (from all 7) = X, expenses from (from all 7) = Y and those are the deductions, and he would have 1 self-401K (my favorite) based on the 7 SE jobs.
Does not matter if the other 3 W2 jobs take 10 hours per week total or 100 hrs/week. Its the classification of the job that determines if he can deduct expenses.
Note: in my 7 SE jobs, I did not include (mentally) the thing we call hobbies, the IRS is clear about hobbies, so if you really don't sell or make $$$ from it, then it might be considered a hobby and not deductible.

There is nothing stopping him in his SE role from buying a new Stradivarius and as long as he could claim he used it mainly in his SE jobs, the occasional use in a W2 job would not hurt the deduction claim.
Sunset is offline   Reply With Quote
Old 10-08-2014, 01:33 PM   #24
Recycles dryer sheets
Join Date: Jul 2009
Posts: 348
OK - getting it now :-)

If he gets W-2 vice MISC is related, likely to full status of the job - contract, longer term, health care, pension, etc potentially as part of the "package."

He and I were just discussing current situation ... his orchestra has been locked out by management and federal mediator has been agreed to and is negotiating with both sides - he has taken a fill-in job with another orchestra or six weeks or so - we think expenses related to this part time employment can be deducted as any local area gig would be - I've recommended he simply take the GSA food/misc per diem deductions vice trying to pull together every receipt for every meal, etc. He can also deduct mileage for his car for both the relocation and the back/forth to the part time job. He already has additional smaller jobs in the temporary area, so there will be multiple sources.
stephenson is offline   Reply With Quote
Old 10-08-2014, 01:40 PM   #25
samclem's Avatar
Join Date: May 2004
Posts: 11,927
Originally Posted by stephenson View Post
I've recommended he simply take the GSA food/misc per diem deductions vice trying to pull together every receipt for every meal, etc.
That's what I usually do, because I usually spend less on meals than the GSA rate. He may later need to prove that he was in the cities he claims to have been in--lodging, gas, or meal receipts can help with that, so I make it a practice to charge things when I travel for business. Be aware that you can't mix and max--if he goes with actual expenses VS the GSA rate, he has to use that all year.

Also, be sure to look at the rules for "business travel" vs "commuting". "Commuting" costs are not deductible.

samclem is online now   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Solo 401K and? MissMolly FIRE and Money 5 02-13-2013 09:28 PM
Sole Proprietorship and becoming 'official' WanderALot FIRE and Money 10 12-15-2010 10:12 AM
Self-directed Solo Roth 401K-How and where? ThosMN FIRE and Money 1 03-15-2009 06:04 PM
solo 401k and employees mjpa FIRE and Money 5 04-05-2008 08:26 PM
Solo 401K and Mysto FIRE and Money 11 10-25-2006 09:05 AM


All times are GMT -6. The time now is 12:58 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.