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<DIV><FONT size=2>I would be interested in finding out more about this =
S
corporation. I'm much more confident making my own investments =
than
relying on SS benefits. Self employment tax is a basically a =
penalty for
working for yourself and an attempt encourage people into working =
situations
where the government gets their money up front. Any suggestions =
where more
info is readily available?</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>David Love</FONT></DIV>
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style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
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<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>
<A title=BobRussellpiano@AOL.COM
href="mailto:BobRussellpiano@AOL.COM">BobRussellpiano@AOL.COM</A> =
</DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A =
title=pianotech@ptg.org
href="mailto:pianotech@ptg.org">pianotech@ptg.org</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> July 09, 2002 4:37 =
PM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> Taxes and =
retirement</DIV>
<DIV><BR></DIV><FONT face=arial,helvetica><FONT size=2>Hello all, =
<BR>At the
convention I saw a class on how to save money on your taxes. I learned =
some
very sound tips on how to keep more of my money. However, some =
features of
this class were similar to other classes I've seen by accountants. =
Most of
these classes all brag about saving money on taxes, and almost all do =
it the
same way. By changing your business to a "S " corporation and paying =
yourself
a small salary and taking the rest of your income in royalties or =
corporate
dividends. This enables you to pay less in social security taxes. This =
savings
usually represents 2/3 of the savings they brag about. When I ask =
questions
whether it's prudent to reduce your SS taxes thus reducing your =
retirement
and/or disability payments they usually say how you can do better =
taking the
money and investing in an IRA. I don't disagree with the premise of =
this
statement, but how many of us will take this money and save it. I'm =
concerned
about self employed techs following this advice and having proble! ms =
<BR>down
the road. I'm aware that you only need 40 quarters of high income to =
establish
good benefits with SS, but at what point does the average tech start =
this
process, later in life when their kids are in college? I realize that =
SS isn't
nearly enough to cover retirement, but the way most people save =
nowadays, is
it prudent to underfund <BR>our retirement. What are your thoughts on =
this
subject? <BR><BR>Bob Russell RPT</FONT> =
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