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Author: karenlj Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Capital gains tax for an estate? Date: 7/9/2012 11:52 AM
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Your usual practice is to bill upon completion of a project with payment due upon receipt and considered timely if paid within 30 days. You complete a job on August 1, 2012 and another on December 29, 2012. You bill both of them on December 30, 2012. It's clear that the only reason you delayed billing the earlier project was to delay receipt of the income.

Phil
Rule Your Retirement Home Fool


So, what you're saying is that I need to sit down with TurboTax and get an idea of my income limit for the year, then meet with a CPA to come up with an actual plan?

Because darned if I want to work hard to get my income up only to pay income taxes on the extra and capital gains tax on the house profit, leaving me with less money that if I had cut back on the work I accepted.

TurboTax will help me figure out how much money I can put away in retirement accounts. I have an SEP IRA and I think I can contribute to something else, too? But would the something else be tax-deferred? I'm almost 63, so I can contribute catch-up amounts where applicable. Too bad I can't go back and contribute more money for last year.

Thank you, Phil and Bill. Your assistance and information in enormously helpful.

Karen
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