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Newt
USA
657 Posts |
 Posted - 02/02/2003 : 09:07:16
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Memo to all my mentors and friends:
It seems like my becomming an adjuster is not meant to be. After doing my taxes, and finding out that if I took a job at only $30000 a year I would only realize just over $8000 increase in income, and there would be the expence of keeping my licenses up plus any education I wanted to get.
This a is very big let down. I would loose one dollar for every three on social security, plus the higher bracket. I would loose $12000 dollars on social security alone.
I will continue to study, and attend the convention, however it does seem that I have come to a dead end.
I am open to suggestions, if anyone is in the same boat. I thought about working for per diem and dont know if that would work or not. I do want to work though. I am just not willing to send more money to be wasted by a bunch of politicians who brag about what they do for people.
I just wanted to be up front with everyone and let you know I appreciate all the effort in helping me, with the fact being it may never be possible for me to work any claims. I may be over reacting, but it doesn't look good from my position at present. |
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Dadx9
USA
143 Posts |
Posted - 02/02/2003 : 10:02:31
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Newt,
It is refreshing to hear someone talk about their future based upon realistic calculations. If we have been a diservice, it has been in the arena of reasonable expectations. Many on this board try to be realistic in sharintg their actual earning potential, quality of product and time spent "honing" their skills. Too much discussion (on storm sights) is spent on how much money we have all earned. I have done the math. My very best years have yielded about $25.00 per hour. At 120 hours a week for 48 weeks, that's some serious money with serious wear and tear on your body and family.
I would encourage you to continue in your pursuit of an adjusting career. I believe it is as honorable and needed today as ever. I believe if you set your sights on a $40,000 - $50,000 annual salary you will not be disappointed and when the bigger years come you will realize that is an added blessing.
I don't know your age. At 47 I am beginning to learn the importance of personal satisfaction. I have posted recently to "Seize the Day". I honestly believe that. Study hard, train hard and work hard and you will reap the benefits of your labor.
You are fortunate to have many mentors invest into you. The men and women who post here consistently raise the level of our profession.
You can do it! Hang in there.
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Don
"To be held in the heart of a friend is to be a king."
Bruce Cockburn |
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Newt
USA
657 Posts |
Posted - 02/02/2003 : 11:23:39
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Don its not the earning and learning that bothers me, its the working and being penalized for it that makes me take a hard look at the facts.
I plan to keep learning and maybe when retirement gets to be a bigger burden than I can take, for mental health reasons I may have to go back to work.
I have always thrived on my work, its why I still walk around like a caged lion when I have nothing to do. It may come down to working for nothing and most likly would considering the penalties and tax but that would be better than being stagnated in a recliner watching TV. So maybe when I get tired of just learning, I'll take a break and try to do what I do best, work.
Thanks for sharing and caring. |
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Jeanette
25 Posts |
Posted - 02/02/2003 : 11:35:51
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| Newt, it's a shame the retired are penalized for working since you should be entitled to what was paid in plus interest regardless of whether you choose to work or not. Perhaps a local office will afford you the amount of work that is "just right" or you could work limited number of CATs and deduct your per diem allowance and your equipment and business expenses up to the amount that is "just right." I don't know how soon they start to penalize you or how much... I guess working as a Walmart Greeter could result in penalties if you put in too many hours. Maybe it still won't be feasible or reasonable. |
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Newt
USA
657 Posts |
Posted - 02/02/2003 : 12:10:11
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I may have to incorporate and go that route, but as it stands now I already get penalized 1003.00
a year. I also have to pay tax on the penalty. Social security only allows 30000 income without paying back one dollar for every three earned. People younger than I are penalized more. Since my taxable income is already more than the allowance I gotta pay, and it does not relieve the obligation to pay taxes on what they take back. Hows that for creative tax cuts. And yes Mam, if I made any money as a WalMart greater, social security would get 1/3 the govt. would tax all of it put me in a higher bracket and you know the rest of the story. There is unemployment tax, and some cities have occupation tax, which is against what the constitution says, but they get away with it any way. Guess the INC. deal is my only way out. I may even go public:>) Thanks Jeanette |
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Ghostbuster
476 Posts |
Posted - 02/02/2003 : 12:11:13
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Here's an illegal thought...
What would happen if you were a 'ghost' in the system? That is to say, if you worked under a pseudonym and flase FICA # and your mailing address was one of those private mail box places where you were registered under a phony name? If all this worked, taxes and FICA would still be deducted from a W-2, but there would be no 'real' person for the IRS to track down.
How far off base am I on this? Please folks, go ahead and rip my logic apart from both a moral/ethical standpoint and the mechanics of the scheme. It will make a good Groundhogs Day session. |
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Janice Toll
USA
40 Posts |
Posted - 02/02/2003 : 12:29:37
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Newt, it is indeed a shame that those retired, after a lifetime of work and paying social security, have their benefits restricted due to continuing to work and paying additional taxes, while the social security fund is being used to pay things other than retirement benefits. We should all, young and old alike, stay on our congressmen and women to fix the problem. The first step in fixing the problem IMHO, is to NOT send anyone back to Congress for a second term until and unless they put themselves under the Social Security Plan instead of the lucrative retirement plan they have voted themselves. They certainly are not penalized for earning above their retirement. They are supposed to be of the people, not above the people.
I feel that no knowledge is wasted, but I feel that it would be a dishonor if all your time and effort spent to lean a trade were to be for nothing. Having read your posts from the beginning, I perceive you as a thoughtful, caring individual, and this profession could use more of those. I hope to one day see you out there - on the road. |
Janice R. Martin-Toll |
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Newt
USA
657 Posts |
Posted - 02/02/2003 : 12:38:36
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| Thats a thought, you could claim 8 kids and a rabbit ranch for write-offs. Who knows what Evil Lurks in the mind of man? (THE GHOST KNOWS) |
Edited by - Newt on 02/02/2003 12:39:59 |
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Newt
USA
657 Posts |
Posted - 02/02/2003 : 12:58:50
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Janice, Thanks for your support and like you and Tom I try to treat every one with respect, that respect me. I may work this out by going LLC. My daughter that lives with us has an adjuster Lic. and she can be the Grand Poobah of the "FAT CHANCE ADJUSTING SERVICE". I have to look into it. I also have two Grand-Sons with a license. I can be the God Father. Now I got to motivate this bunch.
We did have five in this family with a license. Maybe there will be a way for me to work.
I know that sooner or later just training will drive me up the wall, I have to be doing something productive to stay sane. |
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ckleisch
USA
46 Posts |
Posted - 02/03/2003 : 11:52:56
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May have a solution to your problem. Do a little research as i did and try this. Consider starting a company with the Presidency in your daughters name and incorporate in Delaware cost is mimimal. Use, web incorporation company to do so. Have office in home, telephones and equipment all owned by company, car etc licensed and insured in company name. Tax deductions are large and legal. Corporation pays tax and bills and you take periodic salary up to limits comfortable for you. Office in house pays percentage of all expenses based on percent of occupany. In my case 24% of expenses are deducted for house use. All legal with IRS. Payments to IRS always been a fair one.
Good luck and hang in there |
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ALANJ
USA
159 Posts |
Posted - 02/03/2003 : 12:47:15
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Newt:
You need to become a LLC or Inc. yourself. Most vendors are more than happy to write the check anyway you want it. |
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ckleisch
USA
46 Posts |
Posted - 02/03/2003 : 13:07:44
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| Forgot to metion in my original post that when you start business to get an EIN number so payments not reflected on your social security number |
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Newt
USA
657 Posts |
Posted - 02/03/2003 : 14:04:30
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Sounds like a winner, I have all the info now to become an LLC, my daughter as the head POOBAH and I can work at the per diem rate plus other company expenses. The main problem I had was giving away what I had already earned. I pay medicare and don't use it because being disabled I can use the VA, I also have Tri Care for Life which is paid for by Humana. By the way my disability scars don't show except the bolt and that stays covered up with a turtle neck sweater.
The VA is the best , I have never got this treatment any where. I had a check up last year and the doctor,nurse, and drug dealer assigned, are always available to answer questions.
The doctor got on my good side when he told me I was in better shape than most 40 year olds. Then he chewed me out for mowing too much grass, I took his advice and still mow but take a break about every two hours and sure enough I don't feel any different but it takes me an extra day. Gives me time to get the weed eating done.:>) Try mowing 8 acres of grass for sleep problems.
I feel relieved that I can go on with my life and work if I want to. I am sure a lot of you folks feel the same way. |
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ckleisch
USA
46 Posts |
Posted - 02/03/2003 : 14:12:32
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| once you are incoporated and can write it off have your president look into a cooperate discount health plan as a add on to present coverage. Company can also obtain Workers comp for employees |
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Russ
USA
75 Posts |
Posted - 02/03/2003 : 14:32:19
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| Newt, I agree with Janice. Keep pluggin!!! |
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ChuckDeaton
USA
373 Posts |
Posted - 02/03/2003 : 21:20:22
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| Newt, Newt, Newt, you haven't thought this thing thru. A businessman like you should be able to work, get paid, take the deducts, travel and come out the end with your social security intact and money in your pocket. |
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