Millennial Money Thread: How to Make it in America on Certain Salaries

Bert. said:
Owns a business... tax write off?!

doesn’t mention that but I know business owners can write off leases etc
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ninjahood said:
bingo, joints is basically free after da write off
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No, it's not.

Source: I own a pay through LLC and I write off my monthly car lease payment.

I keep running into this misconception that business expenses basically equate to free products and expenditures.

That's not how it works at all. At the end of the day it's still bread out of your pocket, the write off just lowers your net income a little bit.

Sure it's nice and it helps but the dollar value in tax relief isn't close to the cost of the expense.
 
northoaklandfc said:
No, it's not.

Source: I own a pay through LLC and I write off my monthly car lease payment.

I keep running into this misconception that business expenses basically equate to free products and expenditures.

That's not how it works at all. At the end of the day it's still bread out of your pocket, the write off just lowers your net income a little bit.

Sure it's nice and it helps but the dollar value in tax relief isn't close to the cost of the expense.
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If you don't mind me asking, and honestly, no biggie if you don't feel comfortable answering, but how much off from the car lease are you getting from the write off? I'm just trying to gain perspective from that dude who has the 2 leased whips that are over 4k per month.
 
Some cops salary here in berkeley ??‍♂️
 

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Do they have these vids for the average Joe graduate? $50k plus in debt. Living pay check to pay check with an entry level job. Doesnt make enough to save a dime. I want to see how most of us survive.

I think the goal..... Find a job with unlimited OT. That's the end game here truly. No need to watch anymore vids.
 
Couple (28yo) that makes 200k in San Fran



26 yo making 38k in Charlotte, NC

 
jjs07 said:
If you don't mind me asking, and honestly, no biggie if you don't feel comfortable answering, but how much off from the car lease are you getting from the write off? I'm just trying to gain perspective from that dude who has the 2 leased whips that are over 4k per month.
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I honestly don't know I pay a CPA specifically not to know.

I can tell you that collectively , all my annual "business" expenses bring my marginal tax rate down to 11 - 13%.

Without the write offs I'd be taxed at +25%.

I could spend 4x on my car lease and drive foreign and write it off but it would still be money straight out of my pocket.
 
Majority of them got side hustle(s). People in the Bay don't own anything or really saving..
 
northoaklandfc said:
No, it's not.

Source: I own a pay through LLC and I write off my monthly car lease payment.

I keep running into this misconception that business expenses basically equate to free products and expenditures.

That's not how it works at all. At the end of the day it's still bread out of your pocket, the write off just lowers your net income a little bit.

Sure it's nice and it helps but the dollar value in tax relief isn't close to the cost of the expense.
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my cuzin write off 2 car payments off his business expenses and gets every dollar back....if its money out ur pocket just consider it temporary, shoot riding around essentially free on balance not counting gas, insurance and maintenance feels good.

i wrote my tuition off (something else you can do) and got da whole freight back too.
 
Writing off is just trying to put you into a lower bracket with a business expense. Bumps you down to a lower bracket so instead of 35% you paid 28% on $100. Saved you $7.

Don’t get it twisted, you still spent the money. Lots of times the thought of “writing it off” gets people in trouble because you didn’t really need it in the first place.
 
sole searchin said:
Writing off is just trying to put you into a lower bracket with a business expense. Bumps you down to a lower bracket so instead of 35% you paid 28% on $100. Saved you $7.

Don’t get it twisted, you still spent the money. Lots of times the thought of “writing it off” gets people in trouble because you didn’t really need it in the first place.
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Yeah. More or less, I don't know many who itemize their taxes anymore.

We can look at the 35% vs. 28% in another light. If we're looking at taxes owed at the six figures level, you Could end up having to owe $7,000 less. So you may get two months of free car leases. I don't know how y'all are turning those expenses into free leases. That may be for the tax thread though.

Even if you deduct your AGI by $50,000, you are not getting a dollar for dollar savings unless you really flub the numbers.
 
ninjahood said:
my cuzin write off 2 car payments off his business expenses and gets every dollar back....if its money out ur pocket just consider it temporary, shoot riding around essentially free on balance not counting gas, insurance and maintenance feels good.

i wrote my tuition off (something else you can do) and got da whole freight back too.
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My guy, it blows my mind that you think that a tax write-off means that the IRS or the feds reimburse you for your expenses at a later date.

Like, I shouldn't be surprised that you don't know what you're talking about or that you believe something so silly and are willing to argue on that belief, but just wow.

A business expense that's written off for taxes just goes against your taxable income. That's it. It's not a reimbursement.
 
northoaklandfc said:
My guy, it blows my mind that you think that a tax write-off means that the IRS or the feds reimburse you for your expenses at a later date
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that's exactly what i got for my tuition.

as for my cuzin, da lease payment write offs lowers his exposure to taxes, so da way he sees it its money thats he's getting back..dunno what's da misconception you're talking about.
 
It's not dollar for dollar back. $50 grand in deductions to go from one tax bracket down to another may save you $15k tops in your tax liability.

Too many people out there lying or skirting the system.

Basic example. Single. $160k with standard deduction and no tax breaks owes about $29,800 in federal taxes. If this person does $62,000 in tax breaks to lower their liability, they'd owe about $17,800. $12,000 less on $62k in deductions. There is no way it can ever be $$ for $$ in these normal examples. Even if he happens to make his deductions zero out, he would have to deduct $160k on $30k of potential liability. It just can't happen to where it’s balanced. You’re essentially spending $160k to save $30k. You’re not getting by on the government here.
 
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ninjahood said:
that's exactly what i got for my tuition.

as for my cuzin, da lease payment write offs lowers his exposure to taxes, so da way he sees it its money thats he's getting back..dunno what's da misconception you're talking about.
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That's literally what I broke down for you in two separate posts earlier.

That's not the same thing as what you've stubbornly tried to argue e.g. the lease is "basically free after the write off", or "getting every dollar back on the lease," or "riding around free on balance, " or the money comes out of your pocket "just temporarily" - your words.
 
northoaklandfc said:
That's not the same thing as what you've stubbornly tried to argue e.g. the lease is "basically free after the write off", or "getting every dollar back on the lease," or "riding around free on balance, " or the money comes out of your pocket "just temporarily" - your words
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keeping your money at da end of da year basically feels like getting it back because it wasn't unless u wrote off da payments...so ?‍♂️
 
You guys are underestimating OT in the trades.

You can work as much as you want and a lot of places. I know dudes making 100k over the summer. I don’t becasue I don’t want to work that much but you can... that’s not the life for me. 50 hours and I’m chillin.

Blue collar is where it’s at if it’s a good fit for you, but it isn’t for everyone. Most people couldn’t do my job and I get that and understand why. You gotta be comfortable being uncomfortable. Plus I like the work and the benefits are nice.
 
mplsdunk said:
You guys are underestimating OT in the trades.

You can work as much as you want and a lot of places. I know dudes making 100k over the summer. I don’t becasue I don’t want to work that much but you can... that’s not the life for me. 50 hours and I’m chillin.

Blue collar is where it’s at if it’s a good fit for you, but it isn’t for everyone. Most people couldn’t do my job and I get that and understand why. You gotta be comfortable being uncomfortable. Plus I like the work and the benefits are nice.
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If you don't mind answering, What do you.? What trade specifically.?
 
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