Topics include quarterly estimated tax payments, tax loss harvesting, travel expenses, residency challenges, and group health insurance. The discussion emphasizes not letting tax drive investment decisions and navigating complex financial situations.
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Quarterly Tax Payments Advice
Quarterly estimated tax payments are a guess, so focus on having the money ready rather than exact calculations.
Being within a few thousand dollars in estimate means you have done well; don’t stress penalties as they are just interest on late payments.
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Tax Implications of W-9 Reimbursements
Filling out a W-9 for travel reimbursement usually means the payment is taxable income.
Expect to report those reimbursed interview expenses as taxable, even though it feels unusual.
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Tax Loss Harvesting & Solo 401k Tips
Tax loss harvest when the market drops, not just at year-end, using substitute ETFs to avoid wash-sale rules.
Opening a Solo 401k is not worth it for a side gig making a couple thousand dollars.
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Today we are answering your questions from the speak pipe. We discuss quarterly estimated payments and the safe harbor rule. We cover tax loss harvesting and not letting the tax tail wag the investment dog and if you should ever change your asset allocation for potential tax savings. We talk about travel expenses and tax implications that come with that, reducing adjusted gross income and what to do when you do not couple match into residency. Those questions and more in this episode!
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