Comments on: Spend $25,000 to Save $9,000?

By: J. Money

J. Money — Sat, 30 Mar 2013 00:11:30 +0000

In reply to Mary Anne @ BillGuard. Yup! CPAs can save you a TON - much more than you pay them especially early on in the working together.

By: Mary Anne @ BillGuard

Mary Anne @ BillGuard — Thu, 28 Mar 2013 20:22:32 +0000

In terms of getting a “return” on your savings — you’re getting a so-called “guaranteed” $9,000 “return” by following your accountant’s advice, which translates into an almost 33 percent guaranteed benefit. I’d say that’s a very strong reason to heed his advice and put that money into a SEP-IRA. (And for the rest of the readers, it’s a great reason to get an accountant. Yes, hiring a CPA costs money, but when they can find $9,000 in tax savings for you, they’re worth every dime!)

By: J. Money

J. Money — Wed, 27 Mar 2013 13:37:07 +0000

In reply to K. nope! they went out of business! ;)

By: K

Mon, 25 Mar 2013 18:37:58 +0000

In reply to J. Money. uh where is this? and are they hiring? LOL

By: J. Money

J. Money — Sat, 23 Mar 2013 15:39:27 +0000

In reply to JMK. Def. different times for sure.. I was just telling a buddy last night that he was a rarity having worked for a company for 5 years straight! That's like a record these days :)

By: J. Money

J. Money — Sat, 23 Mar 2013 15:38:06 +0000

Interesting! I feel like we have something here in the States like that too – a “like purchase” or something? I’d much rather re-invest the money than pay 30% – yikes! Hope you find a new one you like a lot :)

By: JMK

JMK — Sat, 23 Mar 2013 12:39:41 +0000

In reply to ashley. I'm stunned that your mother things saving for retirement is throwing your money away. Makes me wonder what state her retirement funds are in? Or, perhaps in her generation she has the luxury of a defined benefit pension plan and additional personal retirement savings are/were not essential. I have this situation with my inlaws. He worked for the same company from the time he left school until he retired (who does that anymore?) Now they live comfortably on his pension, and so sometimes they struggle to understand conversations between their kids/kids spouses about various retirement savings vehicles. They just never had to understand all the options or make investment decisions. Everything was done on their behalf. To them all income that landed in their account was theirs to spend on living. Retirement savings were never a line item on their budget.

By: Pauline

Pauline — Fri, 22 Mar 2013 18:29:23 +0000

I would certainly invest the money. I have a similar case since I sold a property and can either buy another one within two years or give 30% of profit to the state, so far, I am going with another property!

By: Tony

Tony — Fri, 22 Mar 2013 01:09:33 +0000

First year facing a similar situation but not to the extent of $25,000. I had to put $10,000 into our traditional IRA’s or pay the IRS an extra $2,000. Invested it and made $600 in the 2 months it’s been invested.

By: J. Money

J. Money — Wed, 20 Mar 2013 23:55:10 +0000

Haha yes, you two are correct. Or even more technically: I’m investing money to save money :)