The Money Cruncher, CPA @money_cruncher Twitter profile | Pikagi

Pikagi

The Money Cruncher, CPA

@money_cruncher

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A licensed CPA talking about personal finance. Building The Crunch ( @thecrunchco )

Join 5,500 readers →

https://t.co/vyvJ476LiL

Joined March 2023

Don't wanna be here? Send us removal request.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

6 months

I’ve received a lot of questions about “how can I learn more about personal finance?” So I’m starting The Crunch. A newsletter where I’ll share research, tips, and interviews around investing, taxes, and money. The first issue will be published in 2 weeks 👇

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

Biden pledged not to raise taxes on any household with an annual income under $400,000. I went through his 256 page tax proposal to analyze whether that's true. Here are the details:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

I went through 256 pages of Biden's new tax proposal. Here is all you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

Vanguard just released a Cash Account that pays 4.7%, FDIC insured. It has no fees and no limits, with FDIC coverage up to $2.5M.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

Backdoor Roth is the best loophole for high income earners. But 99% of the people don't know how to do it correctly. Here is all you need to know about it:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

8 months

If you own an LLC, PAY ATTENTION: There's a new requirement to register your company with Department of Treasury starting in 2024. Failure to register can result in fines of up to $10,000 or imprisonment. It's called the BOI report. Here is ALL you need to know:

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The Money Cruncher, CPA

@money_cruncher

9 days

Biden's tax proposal could wreck real estate investors. I went through 256 pages of his proposal to analyze the impact. Here is all you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

@unusual_whales The fact that this is still legal is WILD. When I was at Big4 company, they made us sell all our stocks for companies we audit. I guess same doesn't apply in congress..

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

I’ve switched 2 jobs in the last 2.5 years. I went from $62,000 salary to $110,000. There is no loyalty in corporate world. It’s simply a business transaction.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

If you own an LLC or corporation, pay attention. There’s a new 2024 requirement to register your company with the U.S. Department of Treasury. Here is a step-by-step guide on how to do it:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

6 months

The IRS just delayed the new $600 1099-K reporting requirement for Venmo, PayPal, CashApp and Stripe for 2023. Here is all you need to know about it:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

@unusual_whales Seems accurate:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

If you have an LLC or Corporation, you must register it with FinCEN in 2024. Penalties for not filing are $500 PER DAY. Here is a step-by-step guide on how to register:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

99.99% of people don't know how to withdraw from a 401k or IRA before 59½ without a 10% penalty. But there is a loophole in the IRS tax code. Here is all you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

Dave Ramsey is wild. The median house in Illinois is $257,800. With a 20% down and 15 year mortgage, the payment is $2,615/mo. The total after tax income should be $10,460/mo, or a pre-tax of $180,000/yr. That’s the 93rd percentile in Illinois to buy a median home..

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The Money Cruncher, CPA

@money_cruncher

8 months

The worst “passive” income idea reward goes to:

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The Money Cruncher, CPA

@money_cruncher

2 months

Vanguard Money Market Fund pays 5.27% interest on your cash. But so many people don't understand the risk.. All you need to know about MMFs:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

16 days

Many of Trump's Tax Cuts and Jobs Act provisions will expire in 2025. Here is how it would impact your taxes:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

In 2024, married couples can withdraw $123,250 tax free. ($29,200 standard deduction and $94,050 long term capital gains at 0%) That’s an equivalent of $165,000 salary. The tax code favors investors and business owners, not employees.

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The Money Cruncher, CPA

@money_cruncher

3 months

I researched the best ways to park your cash to get a 5%+ yield. Here is the list:

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The Money Cruncher, CPA

@money_cruncher

1 month

TurboTax is the worst tax filing software. I personally use FreeTaxUsa, and it’s much cheaper and better. You pay $0 for federal and $15 for a state tax return. No upcharges or deceptive pricing.

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The Money Cruncher, CPA

@money_cruncher

4 months

The IRS audits thousands of people every single year. How do they decide who to audit? How can you protect yourself in case of an audit? Here is all you need to know from a CPA:

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The Money Cruncher, CPA

@money_cruncher

19 days

The proposal would actually expand the definition of investment income to include all pass through business income (like S corporation income), subjecting them to the 3.8% tax. Many S corps are small business owners who will now need to pay significantly more in taxes...

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

Dave Ramsey is one of the most popular financial gurus. Yet the majority of his advice is terrible. Here are 5 of the worst ones:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

You might say, "It's only for $1M income!" But think about this: a family bought a duplex in California in the 1990s. They never made $150,000. Now, that property might be worth significantly more. The new proposal would make them pay more than 15%+ in additional taxes...

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

12 days

Biden's new tax proposal can raise capital gains tax up to 57.9%. Here is all you need to know:

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The Money Cruncher, CPA

@money_cruncher

6 months

I’m buying $10 worth of $VTI for every like on this post. I will put an order tomorrow, proof will be attached.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

I spend many hours going through the proposal, so please: 1. Give me @money_cruncher a follow so you can stay up-to-date with all the tax changes 2. Retweet the first post so others can learn about this proposal.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

While many of the proposed changes do impact people making $400,000 or more: → Backdoor Roth and Mega Backdoor change → NIIT and additional Medicare tax increases People making less than $400,000 will still face increased taxes, both directly and indirectly.

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The Money Cruncher, CPA

@money_cruncher

3 months

The sad reality is these days you must job hop frequently if you want your salary to beat inflation. This is exactly how I went from $62,000 to $110,000 in 2 years. Companies don’t reward loyalty.

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The Money Cruncher, CPA

@money_cruncher

26 days

I researched FDIC insured high-yield savings accounts that pay up to 6%. Here is the list:

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The Money Cruncher, CPA

@money_cruncher

3 months

You don’t want a big tax refund. The thing about big tax refund is that you are giving an interest-free loan to the IRS. Owing $0 is the goal. Fix your W-4 allowances.

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The Money Cruncher, CPA

@money_cruncher

5 months

I researched the best high-yield saving accounts that pay up to 7% interest. Here is the list:

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The Money Cruncher, CPA

@money_cruncher

2 months

My 2021 W-2 total was ~$48,000 My 2022 W-2 total was ~$86,000 My 2023 W-2 total was ~$119,000 Job hopping works. Your employer is not your family. Do what's best for you.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

Currently, owners of appreciated property can defer gain on the exchange of the property for real property of a “like-kind.” (§1031 exchange). New proposal would allow deferral of only up to $500,000. I know many mom-and-pop investors making significantly less than $200,000

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The Money Cruncher, CPA

@money_cruncher

5 months

I just hit $200,000 net worth today 🍾 Here is the breakdown: Brokerage - $126,000 HYSA - $35,000 Crypto - $28,000 Retirement accounts - $9,000 Car - $4,000 Crazy to think I was able to hit this at 24 🤯

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

The 2023 tax season has started. Here is the best way to file your taxes (from a CPA):

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The Money Cruncher, CPA

@money_cruncher

1 year

I’m going to buy 1 share of $SCHD (~$70) for every 1 like I get on this post. 100 likes = $7000 of SCHD. Will put an order on Friday. Proof will be attached with the purchase. Take it easy on me.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

Raising the rate corporate income tax rate would lower wages and increase costs. Raising the corporate income tax rate would force companies to take headquarters and earnings overseas. Raising the corporate income tax rate would weaken the economy. Aka the indirect taxation.

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The Money Cruncher, CPA

@money_cruncher

4 months

I use Vanguard Money Market Fund as my HYSA. It pays 5.28%. Easy withdrawals and best yield.

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The Money Cruncher, CPA

@money_cruncher

19 days

Currently, individuals with a modified adjusted gross income of $200,000 (single) or $250,000 (joint return) are subject to a 3.8% tax on net investment income (interest, dividends, rents, annuities, disposition of property)

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

My fiancée and I make over $200,000. We own a 2006 paid off car I’ve had since college. Sometimes my parents ask me “When will you buy a BMW or Mercedes?”. I’m sure that time will come, but making smart choices in our 20s will make us millions.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

99% of people don't know that you can withdraw from a 401k or 403b before 59½ without 10% penalty. But there is a Rule of 55 in the IRS tax code. Here is all you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

Taxes are your biggest expense. Here are 9 strategies W-2 employees can use to legally pay less in taxes:

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The Money Cruncher, CPA

@money_cruncher

6 months

LLC is a great business entity. But most people don't know how to open one. Here is a step-by-step guide on how to open an LLC:

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The Money Cruncher, CPA

@money_cruncher

4 months

Why am I investing so aggressively at 24? Because working at 65 sounds terrible.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

13 days

Here are Chipotle prices in 2011. They doubled in 13 years. Is fast food becoming unaffordable?

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The Money Cruncher, CPA

@money_cruncher

3 months

I never look down on people who invest $50-100/mo. They had the courage to start. Many people wouldn’t.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

19 days

Long-term capital gains (LTCG) are taxed at graduated rates based on the taxable income, with 20% being the highest rate. The proposal would make LTCG for taxpayers with income of more than $1 million to be taxed at ordinary rates, with 37% being the highest rate.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

Mega Backdoor Roth is the best loophole for tax-free growth and withdrawal. But 99% of people have no clue how it works. Here is all you need to know about it:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

I researched the best high-yield savings accounts that pay up to 6% interest. Here is the list:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

I spent hours going through this material, so please: 1. Give me @money_cruncher a follow so you can stay up-to-date with all the changes 2. Retweet the first post so others can learn about this tax legislation. 3. Comment which proposal is the worst..

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

IRS just announced a penalty relief totaling $1 billion in penalties. IRS estimates 5 million tax returns are eligible for this relief. Here is all you need to know about it:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

99% of people don't know how the sale of investments is taxed.. But knowing can save you a lot of money. Here is all you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

8 months

I wanted to share my salary numbers over the years: 17 y.o. - $8.25/hr cashier 18 - $10/hr flipping burgers 19 - $12.50/hr part time accounting internship 20 - $29/hr junior summer internship 21 - $62,000/yr first job out of college 22 - $90,000/yr new job at Fortune 500 23 -

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The Money Cruncher, CPA

@money_cruncher

3 months

I’m getting married in almost 3 months. One of the first things we will do is combine our finances. One bed, one bank account.

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The Money Cruncher, CPA

@money_cruncher

19 days

In addition, there are a few proposals that would indirectly tax people regardless of income. For example, the new tax proposal would increase the corporate income tax rate from 21% to 28%. Why does this matter?

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

$1,800/month car payment for 83 months with a 10% interest for a Kia… That money invested for 10 years is $325,000 at 8% return. Buying less car than you need is a wealth hack.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

Money Market Funds are a great way to store your cash as they pay 5%+ interest. But so many people don't know what this is... All you need to know about MMFs:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

2022 W-2 is ~$86,000 2023 W-2 is ~$119,000 Job hopping works.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

I use Vanguard Money Market Fund for my cash. It pays 5.27%. Please don’t let banks pay you 0.25% rate..

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

Every month, I get $442 of free money. 401k is not a scam.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

@unusual_whales Gen Z understand that there is no loyalty. It's a business transaction.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

I researched the best FDIC insured high-yield savings accounts that pay 5%+ Here is the list:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

11. Raise corporate income tax rate Currently the corporate income rate is a flat tax of 21%. The proposal would increase the tax from 21% to 28%. What does this mean? Higher prices for all of us, as corporations would want to maintain their margins.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

Them: “401k is a scam” Me: “Free $3,000”

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

1 month

Roth IRA can make you a tax-free millionaire. But more than 75% of Americans aren't contributing.. Here is everything you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

8 months

As I turn 24 today, I wanted to calculate my net worth: Brokerage - $71,500 HYSA - $58,500 Crypto - $16,300 401k/IRA - $5,100 Car - $4,000 Total ~$155,000

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

Americans are terrible with money. You can get a Toyota Camry for a reasonable price. Yet low to middle income Americans sign 7-year auto loans to buy $60,000 trucks they don't actually need..

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

Not having a car loan in your 20s is the best way to set yourself up financially.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

@Hike2Retire Yup. They want to increase revenue and then waste it all

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

I love getting a 401k match. I contribute $440/mo and get another $440/mo.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

1. Increase the marginal income tax rate. Currently, the top marginal income tax rete is 37%. The law would increase the top marginal tax rate to 39.6% for taxable income over $450,000 for married filing jointly and $400,000 for unmarried individuals.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

I jumped 2 jobs in 2 years. Salary $62,000 -> $110,000 I plan to jump again in 1-2 years from now. You have to do what’s best for you. Just make sure you have a good “why”.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

6 months

Just hit a big milestone: $100k on the Vanguard platform🍾

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The Money Cruncher, CPA

@money_cruncher

5 months

We've all heard people say, "Stop renting, it's a big waste of money" Is it actually though? It may not be as cut and dry as you think.. Here is an in-depth analysis on buying vs. renting a home:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

My 401k plan just added a new fund - “Goldman Sachs Small Cap Value Fund” Expense ratio - 1.02% Never buy crap like this.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

Solo 401(k) is the best retirement account for business owners and freelancers. But 99% of people don't know how it works.. Here is everything you need to know:

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The Money Cruncher, CPA

@money_cruncher

1 month

Roth IRA is the most powerful account. Here is a step-by-step guide on how to open and use one:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

2. Ban Backdoor Roth Currently, you need to use a Backdoor Roth strategy to contribute to a Roth IRA account for high earners ($161k for single; $240k for married filing jointly) The proposal would prohibit rollovers into Roth account for high income earners ($400k+ income)

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

My salary over the years: 17 y.o - $8.25/hr cashier 18 - $10/hr making burgers 19 - $12.50/hr part time accounting internship 20 - $29/hr junior summer internship at Deloitte 21 - $62,000/yr first job after graduation 22 - $90,000/yr new job F500 23 - $110,000/yr new job F200 24

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The Money Cruncher, CPA

@money_cruncher

2 months

Just a reminder: Check your 401k investment allocation. You want to choose a good fund with a low expense ratio. Select a fund that tracks the S&P 500. My entire 401k is in the Vanguard 500 Inst Index Trust. Low expenses, great returns.

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The Money Cruncher, CPA

@money_cruncher

5 months

@unusual_whales 0.5% of US households are now sitting on 17.9 trillion in liquid assets.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

21 days

My salary over the years: 17 - $8.25/hr cashier 18 - $10.00/hr making burgers 19 - $12.50/hr part time accounting internship 20 - $29/hr junior summer internship at Deloitte 21 - $62,000/yr first full-time job after graduation, got my CPA 22 - $90,000/yr new job at a F500

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

2 months

My entire $100,000+ brokerage portfolio is just 2 index fund ETFs. $VTI (8.31% YTD) and $VGT (10.85% YTD). That's all I buy. Stop overcomplicating your investments. Stop chasing "winners".

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

Weird how we invest so heavily in education for the first 18 years of people’s lives, yet none of the subjects cover personal finance topics like investing, taxes, or debt.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

7 months

I don’t max out my 401k. I just invest up to the match and put the rest into taxable brokerage. Taxable brokerage offers more flexibility and the long term capital gains tax rate may will be lower than ordinary income tax bracket (401k withdrawal)

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

You pay 20-30% in taxes every single year. If you can save just 5%, it will compound to a lot of $$$. For the past 4 months, I’ve been writing a tax strategy book. It will take me another few months, but it will help you pay less tax. The best part? It will be free.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

Vanguard recently published their shocking stock return projections. They predict US stocks to grow only at 4.2-6.2% per year over the next 10 years. Be cautious when using projections of growth over the next 10 years. It’s probably not 12%/yr.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

9 months

2 filet mignons for $19 Eating out this would be $100+

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The Money Cruncher, CPA

@money_cruncher

19 days

@johnhenry0804 100%

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

5 months

Getting married in just 5 months. Our combined net worth will be close to $300,000 with a $200,000 household income at 24. Just 2 immigrants becoming millionaires before 30. American Dream is very much alive.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

10 months

There is a 7% 7 month CD. This is the highest I’ve seen 🤯 0 risk. Worth it?

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

Many people complain that they don’t have money to invest but pay $75/mo for a Verizon plan. Mint Mobile offers a plan starting at $15/mo. That’s $700/yr that you can invest. Analyze your expenses. Every dollar matters.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

6 months

Parents who make their kid pay rent once they turn 18 are absolutely wild.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

7 months

I researched FDIC insured high-yield savings accounts that pay 5%+ interest. Here is the list:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

6 months

My 401k alone will make me a millionaire. Yet, some people will still say it’s a scam..

Tweet media one

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

7 months

If you plan to buy a used car, PAY ATTENTION: There's a new Used Clean Vehicle Credit from the IRS. It can save you up to $4,000. Here is ALL you need to know:

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

23 days

4. Reform capital gains Long-term capital gains (LTCG) and qualified dividends (QD) are taxed based on the income, with 20% being the highest rate. The new law would tax LTCG and QDs of taxpayers with taxable income of >$1M at ordinary rates, with 37% being the highest rate.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

3 months

My 2022 W-2 total was ~$86,000 The 2023 W-2 total was ~$119,000 Job hopping works. Your employer is not your family.

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@money_cruncher

The Money Cruncher, CPA

@money_cruncher

4 months

How do I plan to invest $5,000/mo on a $115,000 salary: - $880/mo 401k (includes match, 100% vested) - Out of a $6,000/mo check, $4,120/mo into brokerage/Roth. - Expenses $1,880/mo. We split mortgage ($1,100ish) and $780 into food/misc/bills. No debt.

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