Exploring the golf improvement process. Open Forum cofounder. Tax Firm Owner (CPA). dad of 3 vb players. startups. side hustles. equity comp tax expert
San Francisco, CA
Joined December 2009
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I set up Trump Accounts for my daughters yesterday. It was surprisingly easy to do. The website is pretty slick. I was honestly impressed. Was expecting typical federal government ineptitude. Was not interested in Trump Accounts at all.
This is for my 12 year-old Greta. Ideally, she’ll have some money in this account when she turns 18 and we will convert to a Roth Ira. May need to spread out the conversion over a few years.
Tax tip: upon conversion to a Roth, for a teenager, always say no to any income tax withholding to come right out of the IRA. It’s treated as an early distribution subject to penalty.
Clients rarely look at the California return past page 2. Even staff accountants have this habit. I learned to embrace looking at Sched CA on a 540 bc I persuaded myself it was important, but my clients won’t look at it even if I force their eyes open
100% business use…. Fully deductible… the kids are your employees right?
Speaking of Breaking Bad…. A vehicle can also be a domicile. So if you rent it to yourself for $1000 a day for just a few weeks per year, it’s all tax-free under the Augusta rule.
If you also list it as investment interest expense, no one will know
I don’t think any of those were ugly during the critical zone of slot, just like when she had glasses on she did not look materially different to me in the movie vs the after. She was hot the whole time.
You gotta check out Tim Dillon’s boomer bit if you haven’t seen it
youtu.be/MOqhUs5CQVI?is=VVSp…
