Tax Season

You Have The Power To Slay Your Own Taxes

Gen Y Finance Guy Taxes 11 Comments

Happy Tax Season! This is a time of year that I both love and hate. I love it because it provides one final opportunity to review the year that was. I hate it because my blood starts to boil a bit when I see how much I have already paid in taxes. The strong likelihood that I will owe even more makes it hurt that much worse. Don’t get me wrong; I think that everyone should pay a fair share. As a citizen, I accept my part in that. The roads we all use are not going to build themselves. It’s smart to maintain a military to protect our hard-won freedoms. Social programs for the less fortunate need funding, and …

Tax Consequence If My Wife Stops Working

Taxes & Income – What If My Wife Stopped Working?

Gen Y Finance Guy Taxes 14 Comments

The GYFG household has been in a fortunate situation in that we have been able to live the DINK (dual income no kids) lifestyle. This has had a huge impact on our ability to generate a high income, leading to a high savings rate, and thus a larger net worth faster than we otherwise would have. Seriously, it’s a huge advantage to have a two income household. However, we find ourselves planning the next chapter of our lives, starting a family. In recent discussions, we have been exploring what it would mean to our finances if my wife were to leave her job to be a full-time mom. This would probably only be for a few years and there is …

Taxes Suck Sometimes

Year End Planning – Minding the $13,000 Tax Gap [One of My Oh Shit Moments]

Gen Y Finance Guy Taxes 35 Comments

The GYFG blog recently picked up a new reader (Sean), who finally asked the question I have been waiting for all summer. It was around how my taxes were so low on such a high income. It’s a good thing we have smart readers that ask good questions (someone has to keep me honest). It makes for nice opportunities to continue to provide full transparency. On other blogs I see many commentators get ignored when a question like this is asked. Not here!!! Not us!!! See his original comment below: Although I was prepared to answer this question as taxes have been on my mind a lot lately, but I kept putting off finally building accurate tax calculations into my spreadsheet. …

IRS Tax Code Makes No Sense

The IRS Tax Code Makes No Sense – What You Should Know About IRA Tax Deduction Phase Outs

Gen Y Finance Guy Taxes 27 Comments

Have you ever wondered how the IRS comes up with certain pieces of tax code? It seems like every time I turn around there is some piece of tax code that makes absolutely no sense to me at all. Do they use any logic? Recently I wrote a post about joining the double comma club (i.e. becoming a millionaire) and as one of the 3 commitments I listed to max out all tax favored accounts. In my particular situation that means maxing out a 401K, HSA, and IRA for my wife. All was good in the world…That is until the IRS gets involved. There always seems to be some sort of penalty written into the tax code for doing well. …

My Love/Hate Relationship with Tax Season

Gen Y Finance Guy Taxes 20 Comments

I remember a time when I rushed to get my taxes done and submitted so that I could get my refund. Oh, how time, education, and increased earnings has changed that. Can you relate? First of all, I no longer overpay on my taxes. I accomplish this by managing my withholding’s on my W-2 income (use the W-4 form to change these). I see absolutely no reason why the government should get to hold my money, interest free. And if the shoe was on the other foot, the IRS would charge me interest and penalties at the first chance they got. Plus, I am a Finance Guy and the concept of opportunity cost is ingrained and rooted so deeply, I can’t help myself. I …