Planning sabbatical, unsure about how to adjust paycheck deductions Mid-40s married no kids in a HCOL. No debts other than mortgage. Liquid NW ~400k. I am planning an unpaid sabbatical starting anytime within the next 3-6 months. In other words, I’d be quitting my full time job, and losing the salary of ~$200k. Currently, bi-weekly 401k and HSA deductions are set to a number that reaches the contribution limit b…

Tax help – How do 529 tax deductions work? Last year my husband and I owed on our taxes. This year we welcomed a son and opened a 529 account through our states program. I read on the website that you can deduct up to $20,000 jointly on your state taxes. Theoretically, if we were to add to the 529 account would that lower our state tax burden to zero–or how would that work? I’d much rat…

1099 Work from Home Deductions I start working from home 3-4 days a week soon for a 1099 part-time job, up to 40 hours a week. Is there anything I can deduct, rent, wifi, etc? Laptop I have purchased in the past? submitted by /u/Buff-Medulla

Taxes and deductions from side-job self employment I started picking up a side job doing some software development on the side, in addition to my full time salary job. I want to make sure I have an understanding of my tax responsibilities for my side job. Background: I live in MD. Married, filing jointly. From my main job pay, My gross income will exceed the $168,000 Social Security tax limi…

Need help converting pre-tax deductions into take-home equivalents I’m working on updating our financial goals after my wife and I had a baby in March. I’m making pre-tax contributions to retirement, health insurance, and medical/dependent care FSA. Making a spending target budget only makes sense to use take him figures, and I’m getting such a headache trying to convert these pre-tax deductions into their woul…

On your paychecks, are pre-tax deductions the only way to decrease federal taxes? Hypothetical numbers: Gross pay (weekly) – $3500 Pre-tax per paycheck (22% of gross pay) – $770 Federal taxes per paycheck (20% of gross pay) – $700 Net pay (weekly) – $2030 Pre-tax includes health insurance, contributions to a health savings account (maxed out), vision, dental, retirement, limited HSA, etc. Federal tax is income tax, medicare, …

Attempting a zero budget where all income, deductions, taxes, expenses and savings are tracked. Decided to track everything I could from different sources of income to deductions, garnishments, taxes, through net income to savings and expenses and account for everything. I have tracked things independently in the past but this is the first time I tried to put it all together and make sure everything added up. I could go back and be a bit m…