- Joined
- Aug 9, 2007
- Messages
- 682
Rep Bank
$865
$865
User Power: 17%
I'm having my taxes done for 2007 and it appears I'm going to owe the IRS approximately $460 this year and I owe the state of CA $370. I'm a single, W-2 wage earner.
A couple of quick questions:
1) Is it too late to contribute to my 401k or Roth IRA for 2007? (I don't normally contribute anything to my 401k, but my firm puts in $5,000 or so per year). FYI, so this doesn't get tagged as SLOWLANE...my company is made up of 5 real estate developers and our 401k is used as a tax shelter essentially, nothing more.
2) If it is not too late, if I put in $$$ iin either the 401k or Roth or both, would that offset the $830 I owe in taxes? I assume its not a one-to-one ratio and that its based on reducing income, but figured I would ask and maybe someone could assist me.
3) Is there any way to calculate how much I'd need to contribute to offset the taxes? I'd rather pay myself than Uncle Sam.
A couple of quick questions:
1) Is it too late to contribute to my 401k or Roth IRA for 2007? (I don't normally contribute anything to my 401k, but my firm puts in $5,000 or so per year). FYI, so this doesn't get tagged as SLOWLANE...my company is made up of 5 real estate developers and our 401k is used as a tax shelter essentially, nothing more.
2) If it is not too late, if I put in $$$ iin either the 401k or Roth or both, would that offset the $830 I owe in taxes? I assume its not a one-to-one ratio and that its based on reducing income, but figured I would ask and maybe someone could assist me.
3) Is there any way to calculate how much I'd need to contribute to offset the taxes? I'd rather pay myself than Uncle Sam.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
