Do law firm partners use personal LLCs to write off their cars and shit?
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Date: October 17th, 2017 7:24 PM Author: blue sexy sweet tailpipe
you mean s-corp PC's.
attorneys cant be LLCs. no limited liability shields.
but yes.
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34465822) |
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Date: October 17th, 2017 9:30 PM Author: blue sexy sweet tailpipe
where do we draw the line?
does every thanks email to the client have to say
thanks, morty PC
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34466772) |
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Date: October 17th, 2017 8:01 PM Author: blue sexy sweet tailpipe
tbf, that's how the rich live. w2 wagecucks lose out on so many deductions.
i have no idea about cars, but every biglaw partner is writing off a portion of his westchester mansion as a "home office"
and they're all writing off every single meal and bar receipt. they're always with SOME buddy who is an attorney or potential client so it's arguably a biz meal. although there's only a 50% deduction.
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34466136) |
Date: October 17th, 2017 9:18 PM Author: Plum Blathering Depressive
I don't believe there is an advantage to using an S-corp over a C-corp.
A C-corp allows you as a company with one employee to create a health benefit plan which pays for 100% of the out of pocket expenses of the employee (me) and his spouse (my wife). So basically all co pays, glasses, sunglasses, and pharmacy stuff is purchased by the corporation.
you pay your car lease with your corporation, together with insurance and gas and maybe allocate 10% of the cost to personal use. After all my BMW is the company car. My wife's prius is the personal car. Gas for both cars goes on the corporate credit card.
I don't deduct my home office since I don't want to fuck around with my mortgage interest deduction.
The corporation does pay for home internet, cell phone plan, all cell phones, all tablets, all computer equipment, office furniture, a safe for all my guns plus some work papers, etc.
Corporation pays for 50% of all business meals which are basically all meals over $80.
Corporation pays for some travel - not vacations with wife to hawaii, but basically whenever I go anywhere there is a potential client to speak to and take to lunch.
I figure its good for $30K-35K in business expenses this year - which is low but I don't spend that much. My corporation pays me $160K in salary which covers the mortgage and all other living expenses. At the end of the year I will need to gross out the pay after taxes for the year and cut myself a check for the rest. On december 31 my c-corp closes its books with $0 profit and only the initial investment of $5,000 I made in the account.
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34466669) |
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Date: October 17th, 2017 9:23 PM Author: Plum Blathering Depressive
it's a professional corporation called "Earl Manigoat, P.C." - I think the IRS knows what kind of corp it is an they always wash out.
No professional corporation pays corporate tax. Except for the medical expenses I think all of those business expenses I could take without the corporation.
However, $35,000 in business expenses would probably put me in the top 10% of the individual filers, putting me at moderate audit risk. $35,000 in business expenses is probably the bottom 1% of C-corp expenses.
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34466715) |
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Date: October 17th, 2017 9:33 PM Author: blue sexy sweet tailpipe
ljl this is goyishe
>>Corporation pays for some travel - not vacations with wife to hawaii, but basically whenever I go anywhere there is a potential client to speak to and take to lunch.
there are confs in hawaii all the fucking time. you can easily figure out how to write off your HI trips.
(http://www.autoadmit.com/thread.php?thread_id=3767092&forum_id=2#34466793) |
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