Tuesday, April 10, 2007

Happy with $200 K tax bill

I've entered in all of my major numbers from 2006 into Turbo Tax. My tax bill for 2006, including federal and state, will be roughly $200 K. This is a huge number, but I am absolutely thrilled.

I was mentally expecting a $600 - 700 K tax bill, due to the gross proceeds totals on my 1099's. I was saved by the AMT cost basis on my sales of company ISOs. Because of the AMT cost basis, my effective tax rate this year will be relatively tiny - I already paid a lot of the taxes due on these shares several years ago in the form of AMT.

I do not owe any penalties, because I met the safe harbor requirements for 2006. As I mentioned in an earlier post, it's better to owe without penalty than to get a refund. 2006 was a great year for investment returns of all types, so it's a good year to owe the IRS.

My sister's family owes over $30K this year, due to withdrawal from a deferred compensation plan. Apparently this was an unexpected bill. I'm thinking of offering to help review their budgeting, but it's a sensitive topic...

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Let me start off saying that I am 26 year old and was recently laid off in my product engineer position for a flash semiconductor company. I learned the hard way that "most jobs are insecure anyway" and currently looking to possibly switch career to find my way towards "financial independence" (for lack of a better term).

I was pretty excited to read your blog--because I could relate to a couple of things in my life. I was pulled towards product engineering upon graduation for very similar reasons--the travel perks. I traveled at least twice a year to various Asian countries, amongst them: Taiwan, China, and Philippines. My first car is also a Honda Accord, and I am pretty convinced I will drive it to the ground (maybe not more than 250K miles, but my Accord is at 100K and still going strong.)

In a way, I am writing this note to see if I could get some inputs from a veteran such as yourself. I stumbled upon your blog and it has been a sort of an inspiration for me. I think most of my peers come from well-to-do families and seem reluctant to join startups after the bubble burst. Many engineers are getting an MBA and switching to consulting/business altogether. But I feel that new engineering opportunities exist in every generation, and I just wanted to position myself to be able to do so.

I am wondering if I could get a little detail on your thought process (and what it takes) to switch into chip design. And which company/industry in the tech sector do you find most promising? And do you still think it is a financially more lucrative career than product engineering?

If you could email me personally, dreamer.jeff@gmail.com, that would be great!

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