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Conversation Between kgtest and Senator
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  1. Senator
    12-28-2014 06:45 AM
    Senator
    30 AGI would not be out of line, as you have $18K of 401K. You can even do a a company provided IRA for profit sharing of ~25% of your gross.
  2. kgtest
    12-23-2014 03:22 PM
    kgtest
    Thanks for the heads up on the S-Corp. Main Street Digital is now a valid S-Corp. I've had many Sole Proprietorships, but never paid myself a dividend. With you helping to connect the dots, I just realized a key principle to growing wealth and increasing your earning opportunities.

    DH covers my healthcare, but I will def be looking to deduct Dental and Vision (if I can?) Home Office, Mileage, 1/2 ton truck (New IRS deduction for 2015 if you bought a heavy vehicle), phone, internet, clothes, corp events, subscriptions etc. I think I may book a business trip or two to some conferences this year... That will all help. My new mammoth mortgage and child due in April should help offset some income gains as well. How low could a guy go if he was earning 120k, would the IRS bat an eye with only 30k AGI for an IT consultant out of his home contributing MAX IRA/401k?

 
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