User Tools

Site Tools


lifestyle:expenses

Differences

This shows you the differences between two versions of the page.

Link to this comparison view

Both sides previous revision Previous revision
Next revision
Previous revision
lifestyle:expenses [2019/11/01 11:15]
frater_secessus [Less than $1000/month]
lifestyle:expenses [2020/05/15 12:02] (current)
frater_secessus [federal income tax ramifications]
Line 1: Line 1:
 +> [Instagram] van life? 1-5K a month, unlimited rainy day fund (daddy’s wallet). ​ Real van lifer? 400- 1kish per month. 500 -10k rainy day fund. -- HighRandomthoughts((https://​www.reddit.com/​r/​vandwellers/​comments/​f6fn25/​budgets/​fi4heou/​))
 +
 ====== How much does it cost? ====== ====== How much does it cost? ======
  
Line 15: Line 17:
 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. 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 ===== 
-Modern working-age nomads usually get by in this range. ​ They will sometimes boondock, sometimes park in Walmart lots, and sometimes stay in reasonable parks with hookups.  ​ 
  
-===== more than $1500/month ===== +The [[camping:​dispersed|boondocking]]/​[[camping:​snowbirding|snowbirding]] lifestyle can be about $500/mo for folks who are willing to: 
-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.  ​+ 
 +  * pay off all their debt before heading out 
 +  * camp only on free sites 
 +  * for longer amounts of time((perhaps up to the 14 day limit)) instead of driving regularly 
 +  * cook for oneself 
 +  * bring beer instead of buying it at a bar 
 +  * have cheap hobbies like reading or hiking instead of (for example) streaming premium services over expensive mobile data plans 
 + 
 +===== $1000 to $2000/month ===== 
 +Modern working-age nomads usually get by in this range. ​ They will sometimes boondock, sometimes park in Walmart lots, and sometimes stay in reasonable parks with hookups. 
 + 
 +People who boondock in large Class A or fifth wheel RVs may fit in this category.  
 + 
 +===== more than $2000/month ===== 
 +It is possible to spend way more than $2000/month but in general this category is inhabited by the comfortably retired. ​ They can afford to drive expensive ​RVs and put down anchor in nice campgrounds (or even resorts!) with full hookups. ​Sometimes the less-eager partner needed to be bribed with luxury features.((the perhaps unfairly so-called "Wife Acceptance Factor (WAF)"​)) ​  
 + 
 +Also in this section: ​ Instragrammers and trustafarians((kids with trust funds)) who are able to pawn off expenses onto tax writeoffs, sponsorships,​ or family trusts. 
 + 
 +===== federal income 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.  
 + 
 +Even if filing isn't required, it may be a good idea since it starts the IRS 3 year statute of limitations timer on audits.((https://​www.marketwatch.com/​story/​do-i-need-to-file-my-taxes-2015-02-10)) 
 + 
 +[[lifestyle:​domicile|State of domicile]] will affect whether or not you pay state income tax. 
 +==== 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 [federally] 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)) ​ [[https://​www.fool.com/​retirement/​2020/​02/​09/​2-ways-to-get-out-of-paying-taxes-on-your-social-s.aspx|States that do not tax SS income]]. 
 + 
 +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)) 
 + 
 + 
 + 
 +===== further reading ===== 
 + 
 +  * Fate Unbound - [[https://​www.youtube.com/​watch?​v=WnyH-5Jznzg|10 ways to save money while RVing]] 
 + 
 + 
  
lifestyle/expenses.1572632112.txt.gz · Last modified: 2019/11/01 11:15 by frater_secessus