Mixing a pay raise with downsizing can do wonders for a financial situation. It’s pretty incredible. Throw in a favorable tax code, and we can start talking about some real money. I am told you are officially ‘old’ when taxes become a regular point of conversation. I like to think I have wisdom beyond my years. But I do find it an interesting subject, and I continue to be surprised just how different the tax...
Dividends. A taxable event? Maybe. But I still love them. If you have been paying attention to my “passive income” page, you might have noticed the Max Out of Pocket crew cleared $3,298 in dividends from my medical office building (MOB) REIT experiment in 2020. I sometimes refer to this as my ‘rental’ income. Not bad for a little side hobby. But how much of that is taxable in 2020? I initially spread the portfolio out over...
I have found myself walking through hospital hallways for many years now. Healthcare finance has led me to interact with department managers across all service lines. From cardiopulmonary rehab to the neonatal intensive care unit, I have probably crunched the numbers and dollars at some point. But those are just numbers. Until now, the growing Max Out of Pocket crew has not actually needed to use the healthcare system all that much. That’s a good...
How can you tell if someone is in poverty? It’s not an easy question. But we do have some guidelines. The Max Out of Pocket crew would meet the federal poverty guideline if we had an annual income of less than $17,420. That’s according to the Department of Health and Human Services (HHS). They will bump that figure to $21,960 in a few weeks when little Max or Maxine arrives and we turn into a family of three....
It’s pretty simple. Max trades his time, energy, and skills to an organization. In exchange, I expect that organization to pay me money. We sometimes refer to this as earned wages. But before it hits my pocket, my Uncle Sam takes his share. He calls it wages, salaries, and tips. These wages hit Line 1 of the 1040 tax form, and the government taxes us from there. Whatever money is left lands in my pocket....