DiscoveringMe
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DiscoveringMe got a reaction from + Eric Hassan in Can yinz (your hubby, 2 kids and you) live with $500K per year in NYC?
Apparently they are not taking any deductions on their children, mortgage interest, property taxes, or charitable donations. They also must not have any investment income to be at an effective 40% tax rate (which, by the way would not be their tax bracket with the aforementioned deductions). So, @azdr0710 is correct. They need a new accountant. I get that NY is ridiculously expensive and that $500k does not take someone as far as many would think, but using fuzzy math only weakens their argument.
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DiscoveringMe got a reaction from + quoththeraven in Can yinz (your hubby, 2 kids and you) live with $500K per year in NYC?
Apparently they are not taking any deductions on their children, mortgage interest, property taxes, or charitable donations. They also must not have any investment income to be at an effective 40% tax rate (which, by the way would not be their tax bracket with the aforementioned deductions). So, @azdr0710 is correct. They need a new accountant. I get that NY is ridiculously expensive and that $500k does not take someone as far as many would think, but using fuzzy math only weakens their argument.
