Dave
Member
"It's tough to make predictions, especially about the future." Yogi Berra
Posts: 4,335
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Post by Dave on Apr 18, 2023 1:40:13 GMT -8
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Dave
Member
"It's tough to make predictions, especially about the future." Yogi Berra
Posts: 4,335
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Post by Dave on Apr 18, 2023 1:46:27 GMT -8
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chinacat
Moderator
AAPL Long since 2006
Posts: 4,438
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Post by chinacat on Apr 18, 2023 4:19:08 GMT -8
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Post by CdnPhoto on Apr 18, 2023 6:05:28 GMT -8
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Dave
Member
"It's tough to make predictions, especially about the future." Yogi Berra
Posts: 4,335
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Post by Dave on Apr 18, 2023 8:06:07 GMT -8
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4aapl
Moderator
Posts: 3,867
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Post by 4aapl on Apr 18, 2023 9:03:51 GMT -8
It's tax day, for most people in the US. We finished ours up last night, and i just finished some transfers. If you are behind and owe money, remember you can file an extension along with a check for what you owe. As long as you pay now with at least as much as you ultimately owe (ie do an estimate and overestimate a little), you don't owe late fees.
Due to long term goals of donating more, tax advantages of donating appreciated stock, and certain tax situations where some things were taxed at nearly 50% federal (income gets taxed, but also pushes dividends from 0% up to 23.8%, for a net tax per dollar of extra income at 49.x%), we opened a Donor Advised Fund a few years ago, and this year put a bit more into it.
We also set up Roths for the kids, and this year put some into them. They had some income from snow removal from us, plus some other jobs like babysitting, pet sitting, tutoring, and working at a restaurant. For us I decided on putting in the income from us, putting in up to 1k for income they earned elsewhere, and then matching any further money for income they put in. To me that seemed the best way to incentivize it, while having them have some skin in the game. This lets them get into investing, and get an early start on a Roth. A Roth does let you take out the principal at any time (though I am advising against that except for important things), but even the interest can be taken out without penalties under certain circumstances. OTOH, unless using it for a house purchase, I'd rather see them hold onto this until retirement.
It seems like getting a Roth IRA going is a good thing for kids or grandkids, and kids under a certain age and income level have the added benefit of not having to pay taxes on income or even file a 1040.
What tips and tricks do you have? There are whole books about this, often aimed at small businesses, and there have been some articles lately of people buying houses for their young kids, creating a rental income stream. That is well beyond the level we are looking at, while attempting to keep our kids more normal but also getting them started on and thinking about investing.
We got another 5" of snow last night. Time to drop off taxes at the post office (my neighbor and one of those books said to always paper-file), and then get in a few runs.
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Post by duckpins on Apr 18, 2023 10:31:55 GMT -8
"Apple (AAPL) today unveiled a long-awaited savings account for Apple Card holders, launching with an interest rate of 4.15% APY. Called simply Apple Card Savings, the planned offering was first announced back in October, but with no specific launch date."
All the so called Regional Banks or most are down today by significant amounts. Wonder if this gave fuel to short all of them again as they expect more failures? This is a savings account tied to a card? So you pay the card from the account? No checks? GS holds the money? So what it is in it for us, Apple share holders?
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