Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I want to discuss with someone the best tax strategies for…

Customer Question
I want to discuss...

I want to discuss with someone the best tax strategies for my income

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

So, just started a job making about 100K. I want to leverage my benefits to get the best possible right offs. So, commuter, 401k or Roth Ira options, donations, special savings etc.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Just want to have a better idea of the right off possibilities

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
11/28/2017
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,739
Experience: Taxes, Immigration, Labor Relations
Verified

I woudl start with estimating your expected tax liability.
So we would have the level from which we would start compare and measure your saving options.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 4 months ago

If your are single - standard deductions - no dependents - with gross income $100k - all from wages -

Your estimated federal income tax liability woudl be ~$18k - that is based on CURRENT law.

The issue is that in a few weeks a new tax law is expected - and it is hard to predict what it will be - but likely your estimated tax liability will be a little less.

Please elaborate and we will continue discussion.

Ask Your Own Tax Question
Customer reply replied 4 months ago
i normally file single no dependants....wht would be some write offs...im on the train typing...sorry for strange spelling. ....
Tax Professional: Lev, Tax Advisor replied 4 months ago

First of all - you may make 401k plan contribution - and that will defer your income tax liability till the time you eventually will start distributions from the plan.

In 2017 you may contribute $18,000 - assuming you are less than 50.

So if you make the maximum contribution - your estimated tax liability would be ~$13600

That is mainly because you will be in lower tax bracket.

You still may make Roth IRA contribution - that will potentially allow you to avoid tax liability on future earning - but will NOT have any immediate tax benefits.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 4 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,739
32,739 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Employee has 1 dependent his gross income is $220.00 how
employee has 1 dependent his gross income is $220.00 how much fed taxes ss taxes, medicare, and state taxes comes out please break it down by dollars and cents please give me the net pay thanks … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
Does Massachusetts tax Roth IRA distributions if the
Does Massachusetts tax Roth IRA distributions if the contributions were made in NY while a NY resident and withdrawn years later while a Massachusetts resident.… read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
In 2017 I tithe $8,000 (or 10%) of all of my gross income.
In 2017 I tithe $8,000 (or 10%) of all of my gross income. Also, in 2017 I purchased a home. With that said, my tax refund was only $4,000. Is tithing money refunded 100%? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Clients over contributed to Roth IRA accounts in 2016 and
Clients over contributed to Roth IRA accounts in 2016 and 2017. On the 2016 return no tax deferred benefits were given or credits taken. Documents received in 2017 indicate code j and p. My instinct i… read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
Second opinion], I understand there is a standard deduction
Second opinion] Hi Richard, I understand there is a standard deduction of 10,300. I am a new business start up and don't know much. I think if I use this I am not allowed to use important itemized ded… read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
Using the 7.5% of gross income for out of pocket medical
using the 7.5% of gross income for out of pocket medical expenses, can I use any part of my assisted living rent? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Lane, If a tax payer contributed 40,000 to a Roth IRA, and
Lane,If a tax payer contributed 40,000 to a Roth IRA, and did a complete distribution for 50,000 early code J. How much of that is taxable for Massachusetts tax purposes? For Federal 10,000 should be … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
According to federal income taxes rules, can a non-
According to federal income taxes rules, can a non- custodial parent fund a bank account with pre-tax dollars to pay child support … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
What is the amount of Standard Deduction for Single tax
What is the amount of Standard Deduction for Single tax filer NJ … read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
My son has income less than standard deduction, but it shows
my son has income less than standard deduction, but it shows he owes taxes? … read more
abci168
abci168
Principal
27 satisfied customers
What is the Standard Deduction for 2017 taxes? My husband
What is the Standard Deduction for 2017 taxes? My husband and I are each over 75 years old, and have learned that we do not need to file is our non-Social Security income is less than the Standard Ded… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,827 satisfied customers
Turbo tax suggested using standard deductions because of
turbo tax suggested using standard deductions because of lack of deductions (return of $1867). I reviewed my deductions and found two I missed, this increased my return to $2963. Some how the standard… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
Question in regards to roth IRA distribution and taxes. Roth
question in regards ***** ***** IRA distribution and taxes. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I received an roth ira distribution for the first time which
i received an roth ira distribution for the first time which is less then my contributions over the years. I am under 59 1/2 . What excemption do I use on the the 5329 ? … read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
What is the federal income tax exemption for a single tax
What is the federal income tax exemption for a single tax payer for 2017? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
If my gross income is 30000, not married and no dependents,
If my gross income is 30000, not married and no dependents, can you tell me approximately how much I would expect to pay in federal tax, state tax and SS? … read more
Lev
Lev
Tax Advisor
32,739 satisfied customers
A law firm (which is a Schedule C filer) has gross income of
A law firm (which is a Schedule C filer) has gross income of 1,000,000 & Net Income 0f 280,000. In the tax reform just passed, there is a 20% deduction for law firms that have income less than 315,000… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x