Money saving tips, decreasing taxes

[WallyParticipant]

What are some of the Money saving tips/decreasing how much you pay in taxes ways everyone has come across. I think about this a lot. I think we pay way to much in taxes and just want to reduce.

A photography buddy said he deducts his trips from taxes if he sells one picture from that trip, I’m wary of this one but what do you all think? I could go for a job interview when I go and deduct the trip.

Cell phone- use it a lot for work but one mgtow buddy said don’t, invites the Tax dude to audit me, thoughts?

Others:
I reuse plastic zip lock bags-wash them then reuse, I get laughed at about this one I just laugh back.
Cut the cable , I even cut Netflix
Don’t eat out
Pay off all debt
When offered a free t shirt I take it
Don’t forget the homestead

Those are just off the top of my head, what’s are some of the things you guys do?

"what a waste of a life, to marry, give up your freedom, just for the hope of not dying alone. Don't get married Son."

[ghostParticipant]

Utilize your testosterone to make more money. You can use your physical strength or your mental prowess. I don’t worry too much about expenses. I just focus on increasing revenue.

[Secret Agent MGTOWParticipant 22510]

Get a firestick or other streaming internet box you prefer, and set up kodi on it. Works right thru the internet connection. Watch what you want when you want.

Women want everything, but want responsibility and accountability for nothing.

[Anonymous 6]

Download all your favorite movies and tv shows (entire seasons) and put them on an external hard drive. You’ll never have to pay for tv ever again. If you have good wifi, you can stream everything else. Sports, News, etc…

Look into putting your money into a compound interest savings account. You get more interest put into it and that interest gains more interest x whatever you put into it.

If you have to buy a laptop, put it on your taxes as a business expense.

Look into opening up a franchise of some kind. The next few years are gonna be great for small business owners, so make sure you get a piece of it.

Look into real estate. Buy property and charge rent. Pay off the initial investment and live off of the rent. Everything else you earn will be play money.

Be smart most importantly. We live in an amazing time. No one in history has had the opportunities that we have. There was a time when people were killed for learning. You have all the knowledge in the world at your fingertips. All you have to do is be willing to seek it out.

[hollowtipsParticipant 681]

Here’s a tip entertainment is free if all you use is your internet at home. Sure you could be out having fun drinking, gambling, seeing movies and concerts but honestly especially if you have date it’s better to bunker down for a few months to a year and get rid of it.

Always cook at home, one meal can feed you 2-3 days easily.

Buy alcohol at liquor stores not in restaurants.

If you just got a new good paying job think of investing in a bike instead of using transit if it’s feasible year around. Transit is easily 100-200 dollars a month in cities.

[.50calParticipant 62]

I’m interested in lowering my taxes too. I pay a CPA to do my taxes because I’m scarred by my ex F’ing them up so bad and my CPA is affordable.

My two biggest expenses are house/rent and food expenses. I rent the cheapest 3 bedroom house in the best school district closest to my work. Going out to eat with my 3 kids is expensive and typically less healthy. I buy in bulk from Costco and eat everything until I need to go back. I try to limit going out to eat on weekends or when I’m feeling worn out.

Other ideas…

I have basic internet and cable and I always call to cancel my service at the end of my 12 month promo/deal and then they offer another 12 month promo/deal…$65 for cable and internet.

My work pays for most of my gas so I don’t have to worry about that that much but getting a fuel efficient car helps.

Keep a clean driving record or take a defensive driving class to lower your insurance premium.

Make your girlfreind pay for half of everything instead of you paying for everything.

So then, he who marries the virgin does well, but he who does not marry her does even better. 1 Corinthians 7:38

[BeerParticipant 11832]

Take advantage of tax advantaged accounts. Stuff money away in your 401k, IRA, HSA…whatever you can do to get your taxable income down, especially if your in a high tax bracket…unless you somehow end up in a higher tax bracket in retirement than you do while working, which most people won’t, you’ll save money this way. Also if you live in a state with a high income tax you can use these accounts to get out of that state income tax now, and if you move to a state with no income tax when you retire you’ll save money in that respect as well.

Wally wrote:

Pay off all debt

I think this is the biggest thing you can do. I live pretty well in a high cost of living area while spending less than 1500 dollars most months. Most people think its insane I can live off so little here…but then when you talk to them about bills you realize they have student loans, a car payment, and credit card debt. They all think I live like a hermit but even if I go out to eat and drop 20 bucks a few times a week its only pennies compared to an 800 dollar truck payment and 500 a month on student loans.

If one guy is paying 1500 a month to service debts and the other guy is stock piling 1500 a month into investments that are building passive income streams for him, its insane how far ahead the guy with no debt will be compared to the other guy after even just a few years…1500 a month is 18k a year…18k a year compounding at maybe 8%…you are talking about being able to save some serious coin rather quickly. If the average person makes 50-60k a year and saves 5-10% for retirement and you can save your 10% plus another 18k because you aren’t buried in debt…your literally saving 5-6x what the average person is…how does retiring a decade or more earlier sound?

And the beautiful part…back to decreasing taxes…check out the difference between capital gains tax brackets and income tax brackets.

If you save some money in a post tax

If you set your investments up right you can basically pull an amount each year out of a 401k equal to the standard deduction(6,350) plus your personal exemption(4,050) and pay 0% taxes on it, then if the rest of your income is long term capital gains(think dividends), you can make 48,350 (37,950(max amount for 0% long term capital gains) + 10,400(standard deduction+personal exemption)) pay 0% income taxes, and no medicare or social security tax. You can literally make almost 50k a year and pay no taxes…how f~~~ing awesome is that?

Even if you work part time in retirement or factor in social security as income, you can still have it worked out so you keep your income down in the 10-15% brackets, and your capital gains won’t go over 15% or get hit with medicare/social security taxes which add up almost another 10% on top of your income tax rate. I look forward to the days I’m paying an effective tax rate in the single digits rather than what I have now, where I’m in a 28% federal bracket, 6% state bracket, plus medicare and social security. Every dollar I make for the rest of the year literally every dollar I earn for the rest of the year more than 40% of will be going to the government…f~~~ those assholes lol.

[IAMParticipant 56]

By the end of this year, I will have $20,000 saved up. I have no debt at all. Currently, I am using my money to resell used items from thrift store, flea market and garage sales/ estates sales. In a few months, I will also get a second job as a personal trainer. My day job is in accounting. I know $20,000 is not a lot of money but what would you guys do with the cash?

[StealthParticipant 5330]

IAM wrote:

By the end of this year, I will have $20,000 saved up. I have no debt at all. Currently, I am using my money to resell used items from thrift store, flea market and garage sales/ estates sales. In a few months, I will also get a second job as a personal trainer. My day job is in accounting. I know $20,000 is not a lot of money but what would you guys do with the cash?

Good for you for having no debt and building up savings.

My own plan called for building emergency savings held in certificates of deposit, of one full year of expenses. Some people say six months. After you reach that point, then start building investments in total stock market index funds. Check out The Bogleheads’ Guide to Investing for more.

"Once you’ve taken care of the basics, there’s very little in this world for which your life is worth deferring." -David Hansson. "It’s not when women are mean or nasty that anything is out of the ordinary. It’s when they are NICE to you that you have to be on high alert..." -Jackinov.

[AttonParticipant]

Don’t forget this.
https://en.wikipedia.org/wiki/LED_lamp

A MGTOW is a man who is not a woman's bitch!

[Author]

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