Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?
How much Income do I need to have in order for me to be considered a financially independent person?
I am over 18, and I need to be financially independent, how much income do I need to earn?
I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet.
I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax.
Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done?
The income was received within the 2006 tax year, so I'm assuming i may need to start the LLC within 2006 as well?
I have been on SSA the past 7 years and have not filed income taxes. I am a full-time student. Last year, I did work some to supplement my income but it was under $9,000 for the full year, do i need to file income taxes? I claimed exempt all year so did not pay in anything.
