\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

Finished 2017 tax projections: netted $1.326 mil (CSLG)

I just finished doing my law firm books for 2017 and I nette...
Obsidian narrow-minded giraffe
  12/15/17
180 bro! You deserve it!
hairraiser effete church building
  12/15/17
You're still young! You can make it at any age!
racy disturbing menage
  12/16/17
Coppin' the right kind of investment RE will possibly let yo...
Hideous Business Firm
  12/15/17
Introducing the XO winery: Chateau 180.
Fighting friendly grandma box office
  12/15/17
...
swashbuckling ivory kitty cat
  12/15/17
There was a thread a few months ago where we were talking ab...
green federal set mad cow disease
  12/15/17
Hard Fork Cider (a subsidiary of Crypto Gainz LP)
Fighting friendly grandma box office
  12/15/17
That just sounds like 4 loko in cider form. This was more li...
green federal set mad cow disease
  12/15/17
Interesting idea re ice wine. I'd think it would be, mechani...
Fighting friendly grandma box office
  12/15/17
I am guessing there is an issue b/c apples are denser and ha...
green federal set mad cow disease
  12/15/17
Yeah. Apparently I've been having the TTT overly sweet kind....
Fighting friendly grandma box office
  12/15/17
Cali Dunkin Donuts Guru
green federal set mad cow disease
  12/15/17
Biz. development deduction? Asset that generates impairment ...
Fighting friendly grandma box office
  12/15/17
The biggest issue is that I keep my overhead extremely low. ...
Obsidian narrow-minded giraffe
  12/15/17
That party you threw alone you had to hire the MC who charge...
Fighting friendly grandma box office
  12/15/17
Lol. My party was about $3,000 with everything. My friend ow...
Obsidian narrow-minded giraffe
  12/15/17
I'm hoping for between 750 and 1 mil next year. Congrats. Ru...
Emerald Hunting Ground
  12/15/17
Good luck. What city are you in? If LA who is the mediator? ...
Obsidian narrow-minded giraffe
  12/15/17
not Cali but Federal Court.
Emerald Hunting Ground
  12/15/17
180
Vermilion hell becky
  12/15/17
set up a home office (so dont pay off your house) and deduct...
Electric Rose Resort Digit Ratio
  12/15/17
Too late, I paid off my mortgage in March. I already deduct ...
Obsidian narrow-minded giraffe
  12/15/17
Make your next property your home office Can also deduct ...
Electric Rose Resort Digit Ratio
  12/15/17
What does pre-litigation mean here, without having to file s...
Galvanic tanning salon
  12/15/17
Yes, without a lawsuit.
Obsidian narrow-minded giraffe
  12/15/17
Moving to TX fixes state income tax, and has lower COL as we...
swashbuckling ivory kitty cat
  12/15/17
But I would have no income. I guess I could just retire with...
Obsidian narrow-minded giraffe
  12/15/17
Pro tip: do not under any circumstances move to Austin
mewling meetinghouse
  12/15/17
Why not?
Obsidian narrow-minded giraffe
  12/15/17
Buncha shitlibs and weird ass people. Also higher COL than e...
swashbuckling ivory kitty cat
  12/15/17
...
Magical garnet stock car
  12/16/17
nah wait awhile before moving. but do it eventually. Guns, l...
swashbuckling ivory kitty cat
  12/15/17
I would never move from LA. My house is paid off and I'll ha...
Obsidian narrow-minded giraffe
  12/15/17
eh, fair enough. Like LA in general?
swashbuckling ivory kitty cat
  12/15/17
I live in the San Fernando Valley. I hate the actual city. T...
Obsidian narrow-minded giraffe
  12/15/17
Jesus. Keep your voice down. Earl might hear you.
curious twinkling spot crotch
  12/15/17
...
canary vibrant hall
  12/16/17
And probably crushes the income. Isn't California plain...
Galvanic tanning salon
  12/15/17
Best state in the nation for PI.
Obsidian narrow-minded giraffe
  12/15/17
YNY get that hustle congrats
Umber Coiffed Home
  12/15/17
how many solos do you know who have just flamed out of the p...
bipolar awkward doctorate quadroon
  12/15/17
I know several who flamed out and ended up as an associate s...
Obsidian narrow-minded giraffe
  12/15/17
Why do you think they did shitty work? Lack of responsivene...
stubborn smoky step-uncle's house private investor
  12/15/17
Both.
Obsidian narrow-minded giraffe
  12/15/17
180, congrats.
swashbuckling ivory kitty cat
  12/15/17
holy shit congrats
vivacious domesticated filthpig
  12/15/17
180 man
vigorous orchestra pit organic girlfriend
  12/15/17
Can you ask your CPA about paying your 2018 estimated CA sta...
Wonderful Headpube
  12/15/17
I actually JUST did that right now. I paid 130K for 2018 lit...
Obsidian narrow-minded giraffe
  12/15/17
180!
Wonderful Headpube
  12/15/17
Love hearing about the practice bro. I am sure you have addr...
salmon bateful dilemma place of business
  12/15/17
Summered at a big firm 2L year. Hated it and got no offered ...
Obsidian narrow-minded giraffe
  12/15/17
What moment in your legal career are you most proud of? Some...
salmon bateful dilemma place of business
  12/15/17
I settled a case for a bit over 2 million for a widow whose ...
Obsidian narrow-minded giraffe
  12/15/17
Incredible. Must have felt almost as good as when I caught t...
salmon bateful dilemma place of business
  12/15/17
...
Lascivious University Ladyboy
  12/15/17
...
big locale
  12/15/17
...
stubborn smoky step-uncle's house private investor
  12/15/17
...
motley gas station
  12/15/17
...
Transparent indirect expression
  12/15/17
...
Mischievous maroon den
  12/15/17
...
Odious sex offender
  12/15/17
...
Sepia razzle haunted graveyard lettuce
  12/15/17
...
indecent lilac brunch
  12/16/17
...
vivacious domesticated filthpig
  12/16/17
...
Comical Bronze Fat Ankles Address
  12/16/17
...
Sable Charismatic Casino Turdskin
  12/17/17
...
Exhilarant magenta international law enforcement agency depressive
  04/09/18
...
Startled Clown Dopamine
  04/09/18
180
Sepia razzle haunted graveyard lettuce
  12/15/17
Congrats on the success, mang.
big locale
  12/15/17
Nice bro!
spectacular dun national
  12/15/17
...
Magical garnet stock car
  12/15/17
What sort of RE are you looking to buy? Are you looking to ...
Wonderful Headpube
  12/15/17
Multifamily and NNN commercial. Cap rates suck right now but...
Obsidian narrow-minded giraffe
  12/15/17
congratulations bro
Lascivious University Ladyboy
  12/15/17
180, congrats.
laughsome alcoholic piazza electric furnace
  12/15/17
Damn, nice.
Cerebral Violet Whorehouse
  12/15/17
Send our new shitfirm cases
stubborn smoky step-uncle's house private investor
  12/15/17
DESCRIBE your billable rate.
Galvanic tanning salon
  12/15/17
I will. Do you already know who I am, or would this out me?
Cerebral Violet Whorehouse
  12/15/17
I have no clue who you are but I've met 10 xo poasters and w...
stubborn smoky step-uncle's house private investor
  12/15/17
180.
elite impertinent indian lodge alpha
  12/15/17
180
Thriller haunting french chef plaza
  12/15/17
what does your CRYPTOCOIN PORTFOLIO look like
erotic soul-stirring stage
  12/15/17
3 BTC and 25 ETH. Not a lot but my basis is like 15K. I ...
Obsidian narrow-minded giraffe
  12/15/17
180
Mischievous maroon den
  12/15/17
Excellent work man! I'm a solo that does some PI, and I real...
anal cuckold
  12/15/17
180 friend. have you thought about buying up some residen...
Black floppy abode
  12/15/17
so you "netted" 765K
violent naked antidepressant drug mental disorder
  12/15/17
"nutted" http://autoadmit.com/thread.php?thread...
Razzle-dazzle zippy mother trailer park
  12/15/17
Next year you have to make a lot more to net the same amount...
Razzle-dazzle zippy mother trailer park
  12/15/17
Pass through income may be taxed at 20% next year. I would p...
Obsidian narrow-minded giraffe
  12/15/17
last i heard the 20% break is not available for service prof...
Sable Charismatic Casino Turdskin
  12/15/17
Yep Edit: 315k now
Snowy Adventurous Bawdyhouse Philosopher-king
  12/16/17
incredible and you deserve it for your hustle. congrats.
cheese-eating excitant tank
  12/15/17
180
Sepia razzle haunted graveyard lettuce
  12/15/17
you need a better CPA if he's not suggesting tax strategies....
Sable Charismatic Casino Turdskin
  12/15/17
Give me some ideas. I read a lot about taxes and it seems li...
Obsidian narrow-minded giraffe
  12/16/17
Anyone?
Obsidian narrow-minded giraffe
  12/16/17
Captive insurance. Deduct premium you pay to your own insur...
chocolate self-absorbed locus therapy
  12/16/17
How much can I dump into that in a year?
Obsidian narrow-minded giraffe
  12/16/17
1.2 million or something like that. Need to hire a reputabl...
chocolate self-absorbed locus therapy
  12/16/17
Interesting, I'll look into that. Thanks.
Obsidian narrow-minded giraffe
  12/16/17
There's a financial guy I know in LA that probably does it o...
chocolate self-absorbed locus therapy
  12/16/17
calishitlawguru@gmail.com. Really appreciate this brother...
Obsidian narrow-minded giraffe
  12/16/17
...
Obsidian narrow-minded giraffe
  12/16/17
Let me check with him first and get back to you. Probably to...
chocolate self-absorbed locus therapy
  12/16/17
Notice to any poasters who may find this subthread while con...
Brass thirsty shrine
  04/01/18
Pouring money into real estate sounds exhausting
Snowy Adventurous Bawdyhouse Philosopher-king
  12/16/17
There aren't that many places to pour money into for passive...
Obsidian narrow-minded giraffe
  12/16/17
No doubt. Just seems like a fuckton of work for the near fut...
Snowy Adventurous Bawdyhouse Philosopher-king
  12/16/17
How did you build your PI practice without marketing brother...
glassy puppy hospital
  12/16/17
1. Be friendly to everyone you meet, let them know what you ...
Obsidian narrow-minded giraffe
  12/16/17
This is all credited advice whether you are shitlaw or bigla...
Snowy Adventurous Bawdyhouse Philosopher-king
  12/16/17
Do your solo friends give you referral fees? I know some big...
Obsidian narrow-minded giraffe
  12/17/17
They would but Firm does not allow referral fees unless we a...
Snowy Adventurous Bawdyhouse Philosopher-king
  12/17/17


Poast new message in this thread



Reply Favorite

Date: December 15th, 2017 11:20 AM
Author: Obsidian narrow-minded giraffe

I just finished doing my law firm books for 2017 and I netted $1,326,000. Any settlements the last couple weeks of the year will be pushed to 2018, so this is pretty much it for this year. Here is summary of my taxes:

According to my CPA here is my breakdown:

765K after taxes

136K to state income tax

425K to federal income tax

Firm Statistics

Total files: 283

Files in litigation: 41

Settlement: 85.5% of cases settle prelit

New files per month: 25-30

I paid off my house earlier this year. Our plan right now is to max out my SEP (54K) and my wife's 401K (18K) (which we have already been doing for years), and everything left above 100K (for a buffer) will be used to buy real estate. Wife works in-house as a lawyer and makes 120K + plus a 5-10K bonus.

It's kind of crazy how much I pay in taxes, but I feel like I do all the deductions I can without exposing myself to significant liability if audited. Although open to ideas (I already write off property tax, retirement, child care, health savings account, one business vehicle, cable, auto insurance, cell phone, new computers, office improvements, a reasonable amount of travel/meals/entertainment for business, etc).

Taking questions.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926680)



Reply Favorite

Date: December 15th, 2017 1:08 PM
Author: hairraiser effete church building

180 bro!

You deserve it!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927519)



Reply Favorite

Date: December 16th, 2017 11:40 AM
Author: racy disturbing menage

You're still young! You can make it at any age!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934570)



Reply Favorite

Date: December 15th, 2017 11:23 AM
Author: Hideous Business Firm

Coppin' the right kind of investment RE will possibly let you use depreciation and other stuff to your advantage and shield more $ from taxes

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926704)



Reply Favorite

Date: December 15th, 2017 11:24 AM
Author: Fighting friendly grandma box office

Introducing the XO winery: Chateau 180.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926715)



Reply Favorite

Date: December 15th, 2017 11:33 AM
Author: swashbuckling ivory kitty cat



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926807)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: green federal set mad cow disease

There was a thread a few months ago where we were talking about doing an artisinal cider business.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926851)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: Fighting friendly grandma box office

Hard Fork Cider (a subsidiary of Crypto Gainz LP)

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926867)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: green federal set mad cow disease

That just sounds like 4 loko in cider form. This was more like taking the brix of the apples so that they are harvested at the right time, having different varietals, aging in French Oak.

I wonder if it is possible to make an ice wine like thing with apples.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926881)



Reply Favorite

Date: December 15th, 2017 11:45 AM
Author: Fighting friendly grandma box office

Interesting idea re ice wine. I'd think it would be, mechanism should be the same. Wonder how it would compare to Lambic beer.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926899)



Reply Favorite

Date: December 15th, 2017 11:47 AM
Author: green federal set mad cow disease

I am guessing there is an issue b/c apples are denser and have lower surface area/volume than grapes. But you could just take the mash and freeze it in a factory.

Lambic beer is just stuff brewed with wild lactobacteria, right?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926909)



Reply Favorite

Date: December 15th, 2017 11:49 AM
Author: Fighting friendly grandma box office

Yeah. Apparently I've been having the TTT overly sweet kind.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926923)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: green federal set mad cow disease

Cali Dunkin Donuts Guru

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927036)



Reply Favorite

Date: December 15th, 2017 11:23 AM
Author: Fighting friendly grandma box office

Biz. development deduction? Asset that generates impairment losses? Take whatever you think reasonable meals etc. are and triple those deductions?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926707)



Reply Favorite

Date: December 15th, 2017 11:27 AM
Author: Obsidian narrow-minded giraffe

The biggest issue is that I keep my overhead extremely low. I usually do like one nice meal a month with friends and my wife which is business development ($500+). I don't really spend money on biz dev lol.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926751)



Reply Favorite

Date: December 15th, 2017 11:29 AM
Author: Fighting friendly grandma box office

That party you threw alone you had to hire the MC who charges a high hourly rate I hear, get the venue catering etc.

BTW congrats on the fantastic year, here's to another '18.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926777)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: Obsidian narrow-minded giraffe

Lol. My party was about $3,000 with everything. My friend owns the laser tag facility (I've been playing there since 95) and basically let me rent out the place at cost ($850). The majority of the money was spent tipping the girls who work there ($140/each), buying food ($1,300), and doing my raffle ($600).

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926797)



Reply Favorite

Date: December 15th, 2017 11:24 AM
Author: Emerald Hunting Ground

I'm hoping for between 750 and 1 mil next year. Congrats. Running between 150-175 cases. Significantly lower pre-lit settlement %. Mediating my biggest case ever this pm, which will count towards next year.

Qs: What helped make the jump from ~100-150 cases to where you are now? I've kind of plateau'd where I am.

Do you have an associate? How much support staff? What do you pay them?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926726)



Reply Favorite

Date: December 15th, 2017 11:28 AM
Author: Obsidian narrow-minded giraffe

Good luck. What city are you in? If LA who is the mediator? I have several 7 figure cases in my pipeline that should settle next year.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926770)



Reply Favorite

Date: December 15th, 2017 12:03 PM
Author: Emerald Hunting Ground

not Cali but Federal Court.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927017)



Reply Favorite

Date: December 15th, 2017 11:25 AM
Author: Vermilion hell becky

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926735)



Reply Favorite

Date: December 15th, 2017 11:25 AM
Author: Electric Rose Resort Digit Ratio

set up a home office (so dont pay off your house) and deduct that plus util, internet, commuting, etc.

will not be a huge number but every little bit helps

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926737)



Reply Favorite

Date: December 15th, 2017 11:28 AM
Author: Obsidian narrow-minded giraffe

Too late, I paid off my mortgage in March. I already deduct my internet, cell phone, car, etc.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926758)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: Electric Rose Resort Digit Ratio

Make your next property your home office

Can also deduct electricity, garbage etc

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927037)



Reply Favorite

Date: December 15th, 2017 11:31 AM
Author: Galvanic tanning salon

What does pre-litigation mean here, without having to file suit at all?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926786)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: Obsidian narrow-minded giraffe

Yes, without a lawsuit.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926800)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: swashbuckling ivory kitty cat

Moving to TX fixes state income tax, and has lower COL as well...

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926802)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: Obsidian narrow-minded giraffe

But I would have no income. I guess I could just retire with 3 million to Austin, but I would rather live in LA. All my family and friends live here.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926812)



Reply Favorite

Date: December 15th, 2017 11:39 AM
Author: mewling meetinghouse

Pro tip: do not under any circumstances move to Austin

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926839)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: Obsidian narrow-minded giraffe

Why not?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926850)



Reply Favorite

Date: December 15th, 2017 11:41 AM
Author: swashbuckling ivory kitty cat

Buncha shitlibs and weird ass people. Also higher COL than elsewhere, and has shitty city gov.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926863)



Reply Favorite

Date: December 16th, 2017 9:22 AM
Author: Magical garnet stock car



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933965)



Reply Favorite

Date: December 15th, 2017 11:41 AM
Author: swashbuckling ivory kitty cat

nah wait awhile before moving. but do it eventually. Guns, land, low COL.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926854)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: Obsidian narrow-minded giraffe

I would never move from LA. My house is paid off and I'll have 10 million in investable assets by the time I'm 40. I can just stay here and stop working in 6 years.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926871)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: swashbuckling ivory kitty cat

eh, fair enough. Like LA in general?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926878)



Reply Favorite

Date: December 15th, 2017 11:51 AM
Author: Obsidian narrow-minded giraffe

I live in the San Fernando Valley. I hate the actual city. Too crowded and parking sucks.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926930)



Reply Favorite

Date: December 15th, 2017 4:10 PM
Author: curious twinkling spot crotch

Jesus. Keep your voice down. Earl might hear you.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928992)



Reply Favorite

Date: December 16th, 2017 10:56 AM
Author: canary vibrant hall



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934361)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: Galvanic tanning salon

And probably crushes the income.

Isn't California plaintiff friendly?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926813)



Reply Favorite

Date: December 15th, 2017 11:35 AM
Author: Obsidian narrow-minded giraffe

Best state in the nation for PI.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926818)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: Umber Coiffed Home

YNY get that hustle

congrats

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926814)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: bipolar awkward doctorate quadroon

how many solos do you know who have just flamed out of the profession or aren't doing well?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926849)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: Obsidian narrow-minded giraffe

I know several who flamed out and ended up as an associate somewhere. Most don't do well because they do shitty work and rely on paid marketing for clients. So they have low settlements and high acquisition costs. I'm the opposite. I do great work and no paid marketing. So my margins are crazy.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926864)



Reply Favorite

Date: December 15th, 2017 12:13 PM
Author: stubborn smoky step-uncle's house private investor

Why do you think they did shitty work? Lack of responsiveness?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927092)



Reply Favorite

Date: December 15th, 2017 2:02 PM
Author: Obsidian narrow-minded giraffe

Both.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927915)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: swashbuckling ivory kitty cat

180, congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926868)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: vivacious domesticated filthpig

holy shit congrats

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926888)



Reply Favorite

Date: December 15th, 2017 11:46 AM
Author: vigorous orchestra pit organic girlfriend

180 man

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926903)



Reply Favorite

Date: December 15th, 2017 11:55 AM
Author: Wonderful Headpube

Can you ask your CPA about paying your 2018 estimated CA state taxes in 2017 since SALT is going away?

See this thread:

http://autoadmit.com/thread.php?thread_id=3828093&mc=37&forum_id=2

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926949)



Reply Favorite

Date: December 15th, 2017 12:04 PM
Author: Obsidian narrow-minded giraffe

I actually JUST did that right now. I paid 130K for 2018 literally 30 seconds ago.



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927024)



Reply Favorite

Date: December 15th, 2017 12:14 PM
Author: Wonderful Headpube

180!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927095)



Reply Favorite

Date: December 15th, 2017 11:59 AM
Author: salmon bateful dilemma place of business

Love hearing about the practice bro. I am sure you have addressed this previously but do you have a biglaw background?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926977)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: Obsidian narrow-minded giraffe

Summered at a big firm 2L year. Hated it and got no offered because I left every day early and didn't go to most of the summer associate events.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927031)



Reply Favorite

Date: December 15th, 2017 12:09 PM
Author: salmon bateful dilemma place of business

What moment in your legal career are you most proud of? Some brilliant procedural move? Closing argument? Seeing your clients' lives change after a big win/settlement?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927062)



Reply Favorite

Date: December 15th, 2017 12:11 PM
Author: Obsidian narrow-minded giraffe

I settled a case for a bit over 2 million for a widow whose husband was killed in a head on collision. The other party only had 100K policy but we found a road defect from construction and got almost 2 mil from the construction company/city. I changed that woman's life. She was an old Hispanic lady who never worked and spoke no English. Without me she would have been destitute. It felt really good to help someone that much.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927084)



Reply Favorite

Date: December 15th, 2017 12:15 PM
Author: salmon bateful dilemma place of business

Incredible. Must have felt almost as good as when I caught that missing comma in the credit agreement for the joint bookrunners on this subordinated debt deal. Wouldn't trade that experience for the world.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927112)



Reply Favorite

Date: December 15th, 2017 1:07 PM
Author: Lascivious University Ladyboy



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927511)



Reply Favorite

Date: December 15th, 2017 1:12 PM
Author: big locale



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927538)



Reply Favorite

Date: December 15th, 2017 1:13 PM
Author: stubborn smoky step-uncle's house private investor



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927551)



Reply Favorite

Date: December 15th, 2017 1:46 PM
Author: motley gas station



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927808)



Reply Favorite

Date: December 15th, 2017 1:49 PM
Author: Transparent indirect expression



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927818)



Reply Favorite

Date: December 15th, 2017 5:14 PM
Author: Mischievous maroon den



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929548)



Reply Favorite

Date: December 15th, 2017 5:14 PM
Author: Odious sex offender



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929558)



Reply Favorite

Date: December 15th, 2017 11:29 PM
Author: Sepia razzle haunted graveyard lettuce



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932058)



Reply Favorite

Date: December 16th, 2017 9:04 AM
Author: indecent lilac brunch



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933907)



Reply Favorite

Date: December 16th, 2017 9:05 AM
Author: vivacious domesticated filthpig



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933910)



Reply Favorite

Date: December 16th, 2017 11:11 AM
Author: Comical Bronze Fat Ankles Address



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934434)



Reply Favorite

Date: December 17th, 2017 2:04 PM
Author: Sable Charismatic Casino Turdskin



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34942267)



Reply Favorite

Date: April 9th, 2018 12:58 AM
Author: Exhilarant magenta international law enforcement agency depressive



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35796599)



Reply Favorite

Date: April 9th, 2018 12:58 AM
Author: Startled Clown Dopamine



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35796603)



Reply Favorite

Date: December 15th, 2017 11:29 PM
Author: Sepia razzle haunted graveyard lettuce

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932055)



Reply Favorite

Date: December 15th, 2017 12:01 PM
Author: big locale

Congrats on the success, mang.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927003)



Reply Favorite

Date: December 15th, 2017 12:02 PM
Author: spectacular dun national

Nice bro!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927006)



Reply Favorite

Date: December 15th, 2017 12:11 PM
Author: Magical garnet stock car



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927082)



Reply Favorite

Date: December 15th, 2017 12:20 PM
Author: Wonderful Headpube

What sort of RE are you looking to buy? Are you looking to rent it out or flip it? Id like to get into RE since we don’t want to only put money into the stock market, but it’s a tough market right now given how high it is.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927147)



Reply Favorite

Date: December 15th, 2017 1:37 PM
Author: Obsidian narrow-minded giraffe

Multifamily and NNN commercial. Cap rates suck right now but rents keep going up. As long as you buy young and hold for decades you can't really overpay. LA real estate will double again in 10 years anyways.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927745)



Reply Favorite

Date: December 15th, 2017 12:27 PM
Author: Lascivious University Ladyboy

congratulations bro

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927204)



Reply Favorite

Date: December 15th, 2017 1:11 PM
Author: laughsome alcoholic piazza electric furnace

180, congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927534)



Reply Favorite

Date: December 15th, 2017 1:23 PM
Author: Cerebral Violet Whorehouse

Damn, nice.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927621)



Reply Favorite

Date: December 15th, 2017 1:38 PM
Author: stubborn smoky step-uncle's house private investor

Send our new shitfirm cases

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927752)



Reply Favorite

Date: December 15th, 2017 2:22 PM
Author: Galvanic tanning salon

DESCRIBE your billable rate.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928088)



Reply Favorite

Date: December 15th, 2017 3:42 PM
Author: Cerebral Violet Whorehouse

I will. Do you already know who I am, or would this out me?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928728)



Reply Favorite

Date: December 15th, 2017 3:46 PM
Author: stubborn smoky step-uncle's house private investor

I have no clue who you are but I've met 10 xo poasters and would protect their identities with my life.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928769)



Reply Favorite

Date: December 15th, 2017 1:39 PM
Author: elite impertinent indian lodge alpha

180.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927756)



Reply Favorite

Date: December 15th, 2017 3:46 PM
Author: Thriller haunting french chef plaza

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928764)



Reply Favorite

Date: December 15th, 2017 3:47 PM
Author: erotic soul-stirring stage

what does your CRYPTOCOIN PORTFOLIO look like

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928785)



Reply Favorite

Date: December 15th, 2017 3:48 PM
Author: Obsidian narrow-minded giraffe

3 BTC and 25 ETH.

Not a lot but my basis is like 15K. I didn't get in until a couple months ago.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928791)



Reply Favorite

Date: December 15th, 2017 5:15 PM
Author: Mischievous maroon den

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929564)



Reply Favorite

Date: December 15th, 2017 5:19 PM
Author: anal cuckold

Excellent work man! I'm a solo that does some PI, and I really enjoy your threads. You still take questions on that throwaway?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929591)



Reply Favorite

Date: December 15th, 2017 5:33 PM
Author: Black floppy abode

180 friend.

have you thought about buying up some residential property and renting it out to take advantage of the mortgage tax deduction? 180 way to take advantage of savings because the rent and property tax + interest more or less balance out.

if you leave a room vacant, you can claim it as a second house or something

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929717)



Reply Favorite

Date: December 15th, 2017 5:34 PM
Author: violent naked antidepressant drug mental disorder

so you "netted" 765K

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929737)



Reply Favorite

Date: December 15th, 2017 5:45 PM
Author: Razzle-dazzle zippy mother trailer park

"nutted"

http://autoadmit.com/thread.php?thread_id=2521977&mc=129&forum_id=2

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929823)



Reply Favorite

Date: December 15th, 2017 5:43 PM
Author: Razzle-dazzle zippy mother trailer park

Next year you have to make a lot more to net the same amount with the new tax bill. Yay!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929810)



Reply Favorite

Date: December 15th, 2017 6:55 PM
Author: Obsidian narrow-minded giraffe

Pass through income may be taxed at 20% next year. I would pay way less in taxes. I work my ass off, it's really shitty that I pay so much as it is.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34930275)



Reply Favorite

Date: December 15th, 2017 11:21 PM
Author: Sable Charismatic Casino Turdskin

last i heard the 20% break is not available for service professionals who earn over 500K (hard cliff)

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34931985)



Reply Favorite

Date: December 16th, 2017 9:12 AM
Author: Snowy Adventurous Bawdyhouse Philosopher-king

Yep

Edit: 315k now

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933932)



Reply Favorite

Date: December 15th, 2017 6:56 PM
Author: cheese-eating excitant tank

incredible and you deserve it for your hustle. congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34930279)



Reply Favorite

Date: December 15th, 2017 11:22 PM
Author: Sepia razzle haunted graveyard lettuce

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34931998)



Reply Favorite

Date: December 15th, 2017 11:25 PM
Author: Sable Charismatic Casino Turdskin

you need a better CPA if he's not suggesting tax strategies. there is a lot of shit you can do.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932021)



Reply Favorite

Date: December 16th, 2017 12:48 AM
Author: Obsidian narrow-minded giraffe

Give me some ideas. I read a lot about taxes and it seems like my CPA is doing all the right things.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932589)



Reply Favorite

Date: December 16th, 2017 10:51 AM
Author: Obsidian narrow-minded giraffe

Anyone?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934334)



Reply Favorite

Date: December 16th, 2017 11:07 AM
Author: chocolate self-absorbed locus therapy

Captive insurance. Deduct premium you pay to your own insurance company as a current year expense. Premium in the insurance company for the first year it is in is restricted to what it can be invested in, but after 1 year, you can invest it in real estate or whatever you want. If you ever want to redeem cash from the insurance company, you take it as capital gains instead of ordinary income on your taxes, so you have converted ordinary income into long term capital gains.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934421)



Reply Favorite

Date: December 16th, 2017 11:10 AM
Author: Obsidian narrow-minded giraffe

How much can I dump into that in a year?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934431)



Reply Favorite

Date: December 16th, 2017 11:16 AM
Author: chocolate self-absorbed locus therapy

1.2 million or something like that. Need to hire a reputable accounting firm (there are a few), cost is about 5% of amount you put in due to setup/fees/audit protection.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934450)



Reply Favorite

Date: December 16th, 2017 11:18 AM
Author: Obsidian narrow-minded giraffe

Interesting, I'll look into that. Thanks.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934459)



Reply Favorite

Date: December 16th, 2017 11:33 AM
Author: chocolate self-absorbed locus therapy

There's a financial guy I know in LA that probably does it or has a contact that sets them up all the time. What is your email, I can send you his info.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934533)



Reply Favorite

Date: December 16th, 2017 11:37 AM
Author: Obsidian narrow-minded giraffe

calishitlawguru@gmail.com.

Really appreciate this brother.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934560)



Reply Favorite

Date: December 16th, 2017 11:39 AM
Author: Obsidian narrow-minded giraffe



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934569)



Reply Favorite

Date: December 16th, 2017 11:42 AM
Author: chocolate self-absorbed locus therapy

Let me check with him first and get back to you. Probably too late in the year to actually execute this year, but can set you up for next year especially given your momentum and projections into next year.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934580)



Reply Favorite

Date: April 1st, 2018 8:15 PM
Author: Brass thirsty shrine

Notice to any poasters who may find this subthread while considering captive insurance:

http://www.autoadmit.com/thread.php?thread_id=3933697&forum_id=2#35739012

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35739068)



Reply Favorite

Date: December 16th, 2017 9:15 AM
Author: Snowy Adventurous Bawdyhouse Philosopher-king

Pouring money into real estate sounds exhausting

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933942)



Reply Favorite

Date: December 16th, 2017 10:51 AM
Author: Obsidian narrow-minded giraffe

There aren't that many places to pour money into for passive income.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934337)



Reply Favorite

Date: December 16th, 2017 11:02 AM
Author: Snowy Adventurous Bawdyhouse Philosopher-king

No doubt. Just seems like a fuckton of work for the near future.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934390)



Reply Favorite

Date: December 16th, 2017 9:23 AM
Author: glassy puppy hospital

How did you build your PI practice without marketing brother? That seems to be the one area where advertising is everything

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933974)



Reply Favorite

Date: December 16th, 2017 10:55 AM
Author: Obsidian narrow-minded giraffe

1. Be friendly to everyone you meet, let them know what you do, let them know how to reach you (business cards), and tell them a quick interesting story about a cool case. This is hard if you don't have social skills but it can be learned with practice. Almost identical to PUA skills. It's all a numbers game. If you talk to 10,000 people and 1% hires you, that's 100 clients. I even handed out some business cards at the XO meeting in LA a week ago (not to everyone though since a lot of them already had my contact info).

2. Do great work for your clients. Be responsive, professional, and make sure they love you when the case is done.

3. Give your clients your cell phone number and make them feel like family. I become very close with all my clients and talk to them like a friend, not their lawyer. When they refer me people they talk about me as not only a lawyer but a good person. Makes people excited to hire me.

This is pretty much all you need to do. Most attorneys treat their clients like shit, are impossible to reach, and do shitty work. It's really not that hard to stand out.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934354)



Reply Favorite

Date: December 16th, 2017 11:22 AM
Author: Snowy Adventurous Bawdyhouse Philosopher-king

This is all credited advice whether you are shitlaw or biglaw. I am nice to everyone and tell everyone what I do. I’m biglaw so 99% of what comes my way I can’t take but I refer it out to my solo buddies.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934474)



Reply Favorite

Date: December 17th, 2017 9:39 AM
Author: Obsidian narrow-minded giraffe

Do your solo friends give you referral fees? I know some big firms discourage that.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34940779)



Reply Favorite

Date: December 17th, 2017 10:31 AM
Author: Snowy Adventurous Bawdyhouse Philosopher-king

They would but Firm does not allow referral fees unless we actually work the case. Its cool though, I’ve had it come back to me. I currently have a complex commercial case that one of my bros referred me that’s in pre-lit stage.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34941029)