So I handed over my financial laundry pile to Keith to see what he would come up with. To me, this is a trust-inspiring place from which to start a business relationship, because you are less likely to get into a fight over who gets which dollar bills*. He runs the same Wisconsin accounting firm he’s had forever, biking down the country roads to his office and dispensing Mustachian life lessons to his employees whenever the chance arises.
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Keith Schroeder likes optimizing taxes so much that he does it even when he doesn’t need the money. At a weekend gathering of Mustachians, I met an accountant that was genuinely passionate about the field, in the same way I am passionate about building stuff. Keith passionately hijacks a session on taxes at Camp Mustache, Seattle, May 2015Įventually that opportunity arrived. Did I really want to shut down some of these things in order to reorganize my taxes, in order to add even more unnecessary money to my accounts? I made a mental note to improve the situation, but only if the right opportunity ever came up.
2016 turbotax for s corp full#
I knew it could be done, but I was already very happy with life and making full use of my waking hours with a huge backlog of interesting things to learn and do. However, things kept getting better every year, and several Mustachians (many of whom are accountants) started needling me to improve upon my inefficient tax situation. I decided not to be one of those guys, and instead keep the energy focused only within my circle of control. Only an angry ideologue would consider this a bad situation. You have way more money than you could possibly spend, and you’re paying a lot of tax. This didn’t concern me too much, because it also meant my after-tax income (which was 100% unnecessary anyway – our living expenses are already more than covered by investments) was growing at a similar pace. I kept doing my own taxes as if it were 2010, but the increasingly favorable life conditions meant my tax bill was growing exponentially. MM started to make more money in our post-retirement hobbies. Money Mustache, Notable Finance and Lifestyle Guru. Things were looking up as our boy was getting older, expensive early business mistakes had been resolved, and both Mr. Quit the day job and noticed how taxes suddenly cease to matter, because the US government becomes very forgiving to you if you’re bringing in under $50,000 per year, even if you’re actually a millionaire.Īt this point in the story, we hit 2011 – the year that low-key Pete the retired Engineer/Carpenter/Dad started to type some shit into the computer, unwittingly transforming himself into Mr. Started a business and noticed the huge, complex range of tax options that suddenly opened up.
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I bought a house in the US and marveled at the tax deductible nature of mortgage interest and property taxes. I moved to another country and had to allocate that year’s income between the two different tax systems, and nip the little attempts each country made to grab extra taxes from the accounts of the other one. Later I got a fancy adult job and had to deal with higher income, deductions for the retirement account, and capital gains and losses from my early attempts at stock investing. Throughout those teenage years, I enjoyed taking deductions for education and moving expenses and rent and relishing every dollar that I got to keep. Starting at age fifteen, I remember filling out my cute little T-1 tax form back in Canada – working through the single piece of newsprint with a pencil and eraser and a hand calculator. So of course, I’ve always done my own taxes. But they never find the happiness, because it was in the other direction. People who miss this recipe end up chasing ever more desperately after passive entertainments and pleasures. The reason is not money savings but the fundamental recipe for human happiness: you must remain challenged and keep learning throughout your lifetime. I’ve always been a do-it-yourself guy, and will remain so as long as I’m alive.