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. …