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lifestyle:expenses [2018/07/10 12:18]
frater_secessus [Table] 		lifestyle:expenses [2020/02/10 16:34]
frater_secessus [more than $1500/month]
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 ===== Less than $1000/month ===== ===== Less than $1000/month =====
-In this category you can find members of the [[http://www.cheaprvliving.com/forums/|Cheap RV Living forum]], Social Security beneficiaries or private pensioners, and minimalists.  Boondocking or stealth camping is the norm.  A campground with hookups is a rare indulgence.  Often found in the company of a dog, sometimes found in loose groups of fellow boondockers.+In this category you can find members of the [[http://www.cheaprvliving.com/forums/|Cheap RV Living forum]], Social Security beneficiaries, disabled veterans, private pensioners, and minimalists.  Boondocking or stealth camping is the norm.  A campground with hookups is a rare indulgence.  Often found in the company of a dog, sometimes found in loose groups of fellow boondockers.
  
 ===== $1000 to $1500/month ===== ===== $1000 to $1500/month =====
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 ===== more than $1500/month ===== ===== more than $1500/month =====
 It is possible to spend way more than $1500/month but in general this category is inhabited by the comfortably retired.  They can afford to drive luxurious RVs and put down anchor in nice campgrounds (or even resorts!) with full hookups.   It is possible to spend way more than $1500/month but in general this category is inhabited by the comfortably retired.  They can afford to drive luxurious RVs and put down anchor in nice campgrounds (or even resorts!) with full hookups.  
 +
 +===== tax ramifications =====
 +
 +[note:  this is not tax advice, do your own research]
 +
 +Living on small amounts of income may result in your owing no federal income tax "as long as your [earned] income is less than your standard deduction" ($12,200 in 2019, or $13,850. for those 65+).((https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW))  This is just over the **$1000/mo** mark described above. 
 +
 +==== unearned income ====
 +
 +
 +V.A. disability payments are non-taxable ("not included in your gross income").((https://www.irs.gov/individuals/information-for-veterans))
 +
 +
 +Social Security payments 
 +
 +> In most cases, if you //only// receive Social Security benefits then you would not have any taxable income and therefore would not need to file a tax return.((https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/L7pluHkoW))
 +
 +Having earned income in addition to SS income can result in [[https://finance.zacks.com/much-can-make-before-pay-income-taxes-social-security-benefits-4729.html|paying taxes on some amount of SS]]. 
 +
 +
 +
 +
 +==== self-employment ====
 +
 +Taxes must be paid on self-employment income over $400 total, even though clients don't have to issue the 1099-MISC until payments reach $600.((https://budgeting.thenest.com/much-income-can-earned-before-pay-taxes-26423.html))
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lifestyle/expenses.txt ยท Last modified: 2020/10/11 19:48 (external edit)

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