Tuesday, February 26, 2019

Filing Federal Income Tax 2018/Carlos Pueblo


Filing Federal Income Tax 2018/Carlos Pueblo

Basically, I had finished my federal income tax of 2018 last night. Now,
the matter is when I shall have my check mailed to the IRS. Every year
at this time, I always get this done before I go out on trips. Some friends
or relatives have taken this tax filing season coming back to the U.S. from
Taiwan even though they can file in the foreign country and pay the tax due
on line banking account or even credit card. IRS makes the procedure very
simple and convenient and very much better efficient than the tax police
to collect the revenue. This tax paying phenomenon makes the U.S. a
great nation.

When I was young, I had my tax strategy made to maximize my pension
contribution and deferred my annual income tax. I thought that the pension
fund would help me after my retirement for not getting the earned income.
Pension funds do help to calm my nerve yet helping me in tax matter is not
that ideal. We’re in higher tax bracket now than before and we’re paying more
tax. A new strategy is made tentatively that I shall stay at the mandatory
minimum distribution and withdraw the Roth in case of over spending need
first, don’t go to unnecessary spending, and keep a healthy physical condition.

I am much more relax now for the IRS to tax my social security income in full
because that I have thought that the fund has been taxed. I do get some back
from the Roth, a tax policy to benefit savings. I am going to do my son Arthur’s
return in a few days. He is under my tax and investment strategy and pension
funds are growing and there will be no financial issue when he is retired.  

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