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

Final GOP tax bill actually 180 for me/solo attorneys. FUCKS wage cucks

They ended up agreeing to allow a random as fuck 20% tax ded...
Aqua Giraffe
  12/16/17
I don’t think you have to be solo. Equity partners at small...
charcoal turdskin hunting ground
  12/16/17
Not a taxmo but presumably equity partners could take advant...
Aqua Giraffe
  12/16/17
...
charcoal turdskin hunting ground
  12/16/17
This is 180 for me given my wife has an LLC.
appetizing impressive site
  12/16/17
...
buff indecent psychic
  12/16/17
...
Aqua Giraffe
  12/16/17
Is this below the line?
aphrodisiac parlor
  12/16/17
180 we're all going to be rich. And no boss/wagecucking
Razzmatazz slimy half-breed antidepressant drug
  12/16/17
U mad that I'll get 10,000 in CREDITS with my 5kids? Lmao@no...
Mahogany comical bawdyhouse
  12/16/17
Childless, single, rootless cosmopolitan biglaw WAGECUCKS pa...
Aqua Giraffe
  12/16/17
...
racy greedy boltzmann locus
  12/16/17
1.8.0
translucent liquid oxygen nursing home
  12/16/17
There was a loophole in one of the bills, not sure if it is ...
floppy saffron theater stage faggotry
  12/16/17
Please link or ELI5 a practical entity set up to take advant...
claret boiling water
  12/17/17
Does not work to the extent the comp is guaranteed or can be...
well-lubricated alcoholic keepsake machete
  12/17/17
this should be a top-level response. only one in the thread ...
Marvelous dog poop theater
  12/17/17
So does it work or not? Give us a straight answer faggot
Beady-eyed mauve nibblets whorehouse
  12/17/17
it only works to the extent your income is from goodwill/goi...
Marvelous dog poop theater
  12/17/17
It doesn’t - as my previous post implied - you troglodyte, l...
well-lubricated alcoholic keepsake machete
  12/17/17
...
claret boiling water
  12/20/17
Isn't a guaranteed payment a partnership concept and reasona...
charcoal turdskin hunting ground
  12/23/17
TCR!!!
Mahogany comical bawdyhouse
  12/16/17
I came
dashing philosopher-king
  12/16/17
...
Scarlet hyperactive native partner
  12/16/17
...
crusty french dilemma ceo
  12/16/17
...
Ungodly crystalline garrison haunted graveyard
  12/16/17
YNYYYYYYY let's have a crawfish boil this summer brother
Mustard Ratface
  12/17/17
...
Elite codepig school
  12/20/17
...
trip personal credit line hospital
  12/23/17
This is so 180 omg
translucent liquid oxygen nursing home
  12/16/17
How does this work? Is it step ladder to 20%?
Gold exciting trailer park
  12/16/17
I can't tell if this phases out at 315 or if u get 20% deduc...
Territorial Irate Stead Party Of The First Part
  12/16/17
Haven't seen the full bill and the articles summarizing it d...
Aqua Giraffe
  12/16/17
Me either, and I've been looking. I assume it's a straight d...
Territorial Irate Stead Party Of The First Part
  12/16/17
...
aphrodisiac parlor
  12/16/17
The 20 percent deduction starts phasing out at 315 and is fu...
well-lubricated alcoholic keepsake machete
  12/17/17
Thanks. Do you know if it's above the line or below the line...
Aqua Giraffe
  12/17/17
It’s below the line
well-lubricated alcoholic keepsake machete
  12/17/17
So is this going to functionally eliminate the distinction b...
charismatic space
  12/17/17
No. Capital gains ineligible for the deduction, whether or s...
well-lubricated alcoholic keepsake machete
  12/17/17
But you don't have to itemize I do not think.
charcoal turdskin hunting ground
  12/23/17
1. It's not random as fuck. 2. It's only 20%? I thought i...
Geriatric ticket booth
  12/16/17
Poast the bill
sapphire excitant coffee pot library
  12/16/17
My comment was based on vague recollections of the House and...
Geriatric ticket booth
  12/16/17
#3 only applies if you are over the income limits
deranged fishy idea he suggested
  12/23/17
Has anyone over IQ120 confirmed this reading?
frum factory reset button crackhouse
  12/16/17
lots of terms of art. unclear whether it really applies acro...
aphrodisiac parlor
  12/17/17
See my poast above. I have been working on this all weekend....
well-lubricated alcoholic keepsake machete
  12/17/17
Why the hate, brother?
Aqua Giraffe
  12/17/17
Oh sorry friend it wasn’t directed.
frum factory reset button crackhouse
  12/20/17
Relevant to my interests. Can you link to a source confirmi...
charismatic space
  12/17/17
See my poast above. Professional service firms get it if inc...
well-lubricated alcoholic keepsake machete
  12/17/17
Yeah I just saw your post. Thanks. That is good news for m...
charismatic space
  12/17/17
The draw is theoretically eligible for the deduction but not...
well-lubricated alcoholic keepsake machete
  12/17/17
the draw is just a fixed percentage of annual profit, so I w...
charismatic space
  12/17/17
I mean you can always argue the issue with the IRS. At a cer...
well-lubricated alcoholic keepsake machete
  12/17/17
you've got two reasonable comp arguments going. 1 is the ...
Marvelous dog poop theater
  12/17/17
still lmaoing at pretentious asian coastal wagecucks
Mustard Ratface
  12/17/17
CR
Cocky goal in life
  12/23/17
...
Aqua Giraffe
  12/20/17
pls respond about crawfish boil. thank.
Mustard Ratface
  12/20/17
Just read an article that says it applies to architecture fi...
out-of-control hall doctorate
  12/20/17
180 fuck lawyers
Motley Masturbator Sanctuary
  12/20/17
...
claret boiling water
  12/20/17
hahahaha
Elite codepig school
  12/20/17
http://www.abajournal.com/news/article/consensus_tax_bill_in...
charismatic space
  12/20/17
180 for me in spite of poormo income cutoffs: “The ABA p...
frum factory reset button crackhouse
  12/20/17
Lawyers within the jurisdiction of the San Francisco-based 9...
crusty french dilemma ceo
  12/21/17
(((hehe)))
Mustard Ratface
  12/21/17
serious Q - I am admitted to the 9th circuit but don't pract...
crusty french dilemma ceo
  12/21/17
it only applies to poor ass solos the income caps are so low
Violet blathering stock car
  12/20/17
I believe the income cap is $315k net if you file jointly. I...
Aqua Giraffe
  12/21/17
The Tax Foundation states: Create a 20% deduction for pass-t...
Aqua Giraffe
  12/21/17
Never mind, I think I found it. Looks like you'll need to en...
Aqua Giraffe
  12/21/17
so a solo that wanted to do this woudl need to pay himself a...
aphrodisiac parlor
  12/22/17
Not a taxmo, but that's my understanding. Regardless, most s...
Aqua Giraffe
  12/23/17
Wages limitation does not apply if you are under the income ...
deranged fishy idea he suggested
  12/23/17
180
Aqua Giraffe
  12/23/17
poormos getting hard over a deduction that starts phasing ou...
Passionate hot electric furnace
  12/23/17
Only on XO is $315k HHI considered poor. $315k is 98th pe...
Aqua Giraffe
  12/23/17
"Only on XO is $315k HHI considered poor." Yes,...
Passionate hot electric furnace
  12/23/17
Brother, $315k HHI is top 98% nationwide and probably top 5-...
Aqua Giraffe
  12/23/17


Poast new message in this thread



Reply Favorite

Date: December 16th, 2017 9:14 AM
Author: Aqua Giraffe

They ended up agreeing to allow a random as fuck 20% tax deduction for pass through entities. Originally this excluded lawyers and professional service firms but now were included up to $315k.

Lol at wagecuck lawyers paying huge tax bills while I get like a $45,000 deduction.

If you're still on the fence about going solo, just fucking do it.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34933940)



Reply Favorite

Date: December 16th, 2017 9:21 AM
Author: charcoal turdskin hunting ground

I don’t think you have to be solo. Equity partners at small firms get this too, no?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34933962)



Reply Favorite

Date: December 16th, 2017 9:44 AM
Author: Aqua Giraffe

Not a taxmo but presumably equity partners could take advantage of this if the firm elects pass through taxation.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934041)



Reply Favorite

Date: December 16th, 2017 9:43 AM
Author: charcoal turdskin hunting ground



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934033)



Reply Favorite

Date: December 16th, 2017 9:45 AM
Author: appetizing impressive site

This is 180 for me given my wife has an LLC.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934043)



Reply Favorite

Date: December 16th, 2017 9:54 AM
Author: buff indecent psychic



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934071)



Reply Favorite

Date: December 16th, 2017 10:00 AM
Author: Aqua Giraffe



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934088)



Reply Favorite

Date: December 16th, 2017 10:16 AM
Author: aphrodisiac parlor

Is this below the line?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934161)



Reply Favorite

Date: December 16th, 2017 10:18 AM
Author: Razzmatazz slimy half-breed antidepressant drug

180 we're all going to be rich. And no boss/wagecucking

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934169)



Reply Favorite

Date: December 16th, 2017 10:21 AM
Author: Mahogany comical bawdyhouse

U mad that I'll get 10,000 in CREDITS with my 5kids? Lmao@no childmos!!!

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934184)



Reply Favorite

Date: December 16th, 2017 10:28 AM
Author: Aqua Giraffe

Childless, single, rootless cosmopolitan biglaw WAGECUCKS paying 60% effective rate between federal, state, and local taxes.

Alpha ARECOUNTRY business owner family men paying 18% on the same amount, high fiving and barbecuing in our big backyards, slapping cocks and balls, fully nude.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934216)



Reply Favorite

Date: December 16th, 2017 10:30 AM
Author: racy greedy boltzmann locus



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934227)



Reply Favorite

Date: December 16th, 2017 10:35 AM
Author: translucent liquid oxygen nursing home

1.8.0

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934253)



Reply Favorite

Date: December 16th, 2017 10:38 AM
Author: floppy saffron theater stage faggotry

There was a loophole in one of the bills, not sure if it is still there, that would allow firms to set up an LLC that would then pay associates, and they’d get the pass through rate. Doubt firms will do it but if one does, others will follow.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934274)



Reply Favorite

Date: December 17th, 2017 5:14 PM
Author: claret boiling water

Please link or ELI5 a practical entity set up to take advantage of this

Extremely relevant to my interests

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943429)



Reply Favorite

Date: December 17th, 2017 5:22 PM
Author: well-lubricated alcoholic keepsake machete

Does not work to the extent the comp is guaranteed or can be characterized as reasonable compensation

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943486)



Reply Favorite

Date: December 17th, 2017 5:28 PM
Author: Marvelous dog poop theater

this should be a top-level response. only one in the thread who understands the mechanism

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943537)



Reply Favorite

Date: December 17th, 2017 5:28 PM
Author: Beady-eyed mauve nibblets whorehouse

So does it work or not? Give us a straight answer faggot

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943538)



Reply Favorite

Date: December 17th, 2017 5:29 PM
Author: Marvelous dog poop theater

it only works to the extent your income is from goodwill/going concern value/trademark/your office lease/similar BS, which is not much, retard

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943539)



Reply Favorite

Date: December 17th, 2017 5:39 PM
Author: well-lubricated alcoholic keepsake machete

It doesn’t - as my previous post implied - you troglodyte, low-IQ pumo.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943611)



Reply Favorite

Date: December 20th, 2017 8:10 PM
Author: claret boiling water



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970542)



Reply Favorite

Date: December 23rd, 2017 10:07 AM
Author: charcoal turdskin hunting ground

Isn't a guaranteed payment a partnership concept and reasonable compensation a corporation concept? I don't think reasonable compensation is intended to be a new test for partnerships.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34990920)



Reply Favorite

Date: December 16th, 2017 11:11 AM
Author: Mahogany comical bawdyhouse

TCR!!!

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934433)



Reply Favorite

Date: December 16th, 2017 11:50 AM
Author: dashing philosopher-king

I came

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934627)



Reply Favorite

Date: December 16th, 2017 2:55 PM
Author: Scarlet hyperactive native partner



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34935926)



Reply Favorite

Date: December 16th, 2017 2:57 PM
Author: crusty french dilemma ceo



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34935937)



Reply Favorite

Date: December 16th, 2017 3:08 PM
Author: Ungodly crystalline garrison haunted graveyard



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34935993)



Reply Favorite

Date: December 17th, 2017 5:27 PM
Author: Mustard Ratface

YNYYYYYYY

let's have a crawfish boil this summer brother

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943527)



Reply Favorite

Date: December 20th, 2017 8:34 PM
Author: Elite codepig school



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970728)



Reply Favorite

Date: December 23rd, 2017 11:00 AM
Author: trip personal credit line hospital



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991166)



Reply Favorite

Date: December 16th, 2017 10:36 AM
Author: translucent liquid oxygen nursing home

This is so 180 omg

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934266)



Reply Favorite

Date: December 16th, 2017 10:37 AM
Author: Gold exciting trailer park

How does this work? Is it step ladder to 20%?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934270)



Reply Favorite

Date: December 16th, 2017 10:40 AM
Author: Territorial Irate Stead Party Of The First Part

I can't tell if this phases out at 315 or if u get 20% deduction up to 315 regardless your total income.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934285)



Reply Favorite

Date: December 16th, 2017 10:45 AM
Author: Aqua Giraffe

Haven't seen the full bill and the articles summarizing it don't say.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934304)



Reply Favorite

Date: December 16th, 2017 10:47 AM
Author: Territorial Irate Stead Party Of The First Part

Me either, and I've been looking. I assume it's a straight deduction of 20% up to 315 but maybe that's wishful thinking.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934314)



Reply Favorite

Date: December 16th, 2017 11:55 AM
Author: aphrodisiac parlor



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934652)



Reply Favorite

Date: December 17th, 2017 5:20 PM
Author: well-lubricated alcoholic keepsake machete

The 20 percent deduction starts phasing out at 315 and is fully phased out at 415 (this is total income for the married couple). - taxmo

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943469)



Reply Favorite

Date: December 17th, 2017 5:25 PM
Author: Aqua Giraffe

Thanks. Do you know if it's above the line or below the line?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943504)



Reply Favorite

Date: December 17th, 2017 5:27 PM
Author: well-lubricated alcoholic keepsake machete

It’s below the line

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943533)



Reply Favorite

Date: December 17th, 2017 6:01 PM
Author: charismatic space

So is this going to functionally eliminate the distinction between short and long term capital gains? I'm assuming that short term gains for a pass through entity would also be capped at 20%.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943714)



Reply Favorite

Date: December 17th, 2017 6:40 PM
Author: well-lubricated alcoholic keepsake machete

No. Capital gains ineligible for the deduction, whether or short or long term. They are specifically excluded from the definition of qualified income.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943917)



Reply Favorite

Date: December 23rd, 2017 10:30 AM
Author: charcoal turdskin hunting ground

But you don't have to itemize I do not think.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991033)



Reply Favorite

Date: December 16th, 2017 12:25 PM
Author: Geriatric ticket booth

1. It's not random as fuck.

2. It's only 20%? I thought it was originally 35%.

3. Is the deduction still limited by a peg to a certain percentage of wages paid to employees?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934824)



Reply Favorite

Date: December 16th, 2017 12:29 PM
Author: sapphire excitant coffee pot library

Poast the bill

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34934855)



Reply Favorite

Date: December 16th, 2017 12:45 PM
Author: Geriatric ticket booth

My comment was based on vague recollections of the House and Senate bills.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34935015)



Reply Favorite

Date: December 23rd, 2017 8:38 AM
Author: deranged fishy idea he suggested

#3 only applies if you are over the income limits

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34990581)



Reply Favorite

Date: December 16th, 2017 2:59 PM
Author: frum factory reset button crackhouse

Has anyone over IQ120 confirmed this reading?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34935945)



Reply Favorite

Date: December 17th, 2017 3:35 PM
Author: aphrodisiac parlor

lots of terms of art. unclear whether it really applies across the board unless youre a taxmo

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34942785)



Reply Favorite

Date: December 17th, 2017 5:21 PM
Author: well-lubricated alcoholic keepsake machete

See my poast above. I have been working on this all weekend. He is right if the married couple makes less than 20 percent.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943477)



Reply Favorite

Date: December 17th, 2017 5:23 PM
Author: Aqua Giraffe

Why the hate, brother?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943494)



Reply Favorite

Date: December 20th, 2017 8:16 PM
Author: frum factory reset button crackhouse

Oh sorry friend it wasn’t directed.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970591)



Reply Favorite

Date: December 17th, 2017 5:18 PM
Author: charismatic space

Relevant to my interests. Can you link to a source confirming this? My understanding was that the House bill did not extend the pass through entity tax cut to professional service firms, and the ABA was lobbying hard to change that.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943455)



Reply Favorite

Date: December 17th, 2017 5:22 PM
Author: well-lubricated alcoholic keepsake machete

See my poast above. Professional service firms get it if income below for 415,000 for couple. Starts phasing out at 315,000.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943479)



Reply Favorite

Date: December 17th, 2017 5:26 PM
Author: charismatic space

Yeah I just saw your post. Thanks. That is good news for me. How does it work if you get a base salary and then a draw from the LLC, assuming combined income is still under $315,000? Is the salary still taxed at the regular rates? May make sense to restructure and reduce base salary to take advantage of the 20% top rate. . .

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943514)



Reply Favorite

Date: December 17th, 2017 5:31 PM
Author: well-lubricated alcoholic keepsake machete

The draw is theoretically eligible for the deduction but not if it is “guaranteed” or “reasonable compensation”. Also there is a “guard rail” in section 199A(a) to prevent you from using the deduction to get a marginal tax rate that’s much lower than 20 percent (even if your income is <315k)

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943551)



Reply Favorite

Date: December 17th, 2017 5:36 PM
Author: charismatic space

the draw is just a fixed percentage of annual profit, so I would think it is not considered to be "guaranteed" (I guess they are just going after entities that would convert salary to "draw" or whatever in order to get the lower rate?)

*Edit* ok I see what you're saying though, like I couldn't reduce the base salary by 1/2 and say well i'll just get that amount out of our "profit" every year.



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943577)



Reply Favorite

Date: December 17th, 2017 5:42 PM
Author: well-lubricated alcoholic keepsake machete

I mean you can always argue the issue with the IRS. At a certain point you are playing the audit lottery.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943635)



Reply Favorite

Date: December 17th, 2017 5:44 PM
Author: Marvelous dog poop theater

you've got two reasonable comp arguments going.

1 is the standard S corp john edwards stuff of dividend vs. salary from the S corp (to what extent does your profit represent return on capital investment and to what extent does it represent your labor?)

2 is the newfangled 'no deduction to the extent passthru income represents reasonable compensation' concept

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943652)



Reply Favorite

Date: December 17th, 2017 5:29 PM
Author: Mustard Ratface

still lmaoing at pretentious asian coastal wagecucks

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34943540)



Reply Favorite

Date: December 23rd, 2017 11:26 AM
Author: Cocky goal in life

CR

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991320)



Reply Favorite

Date: December 20th, 2017 1:05 PM
Author: Aqua Giraffe



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34966903)



Reply Favorite

Date: December 20th, 2017 1:06 PM
Author: Mustard Ratface

pls respond about crawfish boil. thank.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34966911)



Reply Favorite

Date: December 20th, 2017 1:10 PM
Author: out-of-control hall doctorate

Just read an article that says it applies to architecture firms but not law firms

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34966940)



Reply Favorite

Date: December 20th, 2017 1:11 PM
Author: Motley Masturbator Sanctuary

180 fuck lawyers

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34966951)



Reply Favorite

Date: December 20th, 2017 8:10 PM
Author: claret boiling water



(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970545)



Reply Favorite

Date: December 20th, 2017 8:35 PM
Author: Elite codepig school

hahahaha

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970737)



Reply Favorite

Date: December 20th, 2017 8:21 PM
Author: charismatic space

http://www.abajournal.com/news/article/consensus_tax_bill_includes_law_firms_in_pass_through_tax_relief_with_limit?utm_source=internal&utm_medium=navigation&utm_campaign=most_read

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970628)



Reply Favorite

Date: December 20th, 2017 8:33 PM
Author: frum factory reset button crackhouse

180 for me in spite of poormo income cutoffs:

“The ABA position also prevailed in regards to these provisions in the consensus bill:

• The student loan tax deduction is preserved.

• Some contingency-fee lawyers will still be able to deduct upfront litigation-related expenses. Lawyers within the jurisdiction of the San Francisco-based 9th U.S. Circuit Court of Appeals are permitted to deduct such expenses.”

http://www.abajournal.com/news/article/consensus_tax_bill_includes_law_firms_in_pass_through_tax_relief_with_limit

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970717)



Reply Favorite

Date: December 21st, 2017 9:31 AM
Author: crusty french dilemma ceo

Lawyers within the jurisdiction of the San Francisco-based 9th U.S. Circuit Court of Appeals are permitted to deduct such expenses.”

What the fucking shit is this horseshit? Only the 9th circuit?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34974187)



Reply Favorite

Date: December 21st, 2017 9:34 AM
Author: Mustard Ratface

(((hehe)))

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34974194)



Reply Favorite

Date: December 21st, 2017 9:43 AM
Author: crusty french dilemma ceo

serious Q - I am admitted to the 9th circuit but don't practice there. Can I use this?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34974235)



Reply Favorite

Date: December 20th, 2017 8:50 PM
Author: Violet blathering stock car

it only applies to poor ass solos the income caps are so low

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34970814)



Reply Favorite

Date: December 21st, 2017 11:40 AM
Author: Aqua Giraffe

I believe the income cap is $315k net if you file jointly. I know on XO that qualifies as poor, but it's 98th percentile nationally (https://dqydj.com/household-income-percentile-calculator-2016/). Poaster above said it then phases out until $415k. Probably 90% of solos will qualify for that.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34975285)



Reply Favorite

Date: December 21st, 2017 11:42 AM
Author: Aqua Giraffe

The Tax Foundation states: Create a 20% deduction for pass-through business income. The deduction is limited for households with more than $157,500/$315,000 that earn income from service businesses; these households are also subject to a test based on each business’s W-2 wages.

Anyone know what this W-2 wage test is?

https://taxfoundation.org/final-tax-cuts-and-jobs-act-details-analysis/

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34975319)



Reply Favorite

Date: December 21st, 2017 11:47 AM
Author: Aqua Giraffe

Never mind, I think I found it. Looks like you'll need to ensure your salary is high enough to be double the expected deduction. For those interested:

Partnership and S Corporation TaxationAn individual taxpayer or trust generally may deduct 20% of domestic qualified business income from a partnership, S corporation, or sole proprietorship, capped at the greater of (i) 50% of the taxpayer’s allocable or pro rata share of W-2 wages paid by the partnership, S corporation or sole proprietorship or (ii) the sum of 25% of W-2 wages paid plus a capital component equal to 2.5% of the unadjusted tax basis of the business’s tangible depreciable property.

The full deduction generally does not apply to specified service businesses, except in the case of a taxpayer whose taxable income does not exceed $315,000 for married individuals filing jointly or $157,500 for single individuals (with the benefit of the deduction phased out between $315,000 and $415,000 for married individuals and $157,500 and $207,500 for single individuals).

https://www.lexology.com/library/detail.aspx?g=067715b3-408c-4850-bef9-397ffc309dca

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34975365)



Reply Favorite

Date: December 22nd, 2017 9:24 PM
Author: aphrodisiac parlor

so a solo that wanted to do this woudl need to pay himself a salary?

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34988302)



Reply Favorite

Date: December 23rd, 2017 8:31 AM
Author: Aqua Giraffe

Not a taxmo, but that's my understanding. Regardless, most solos should elect S corporation status and pay themselves a salary any way, because otherwise you're paying FICA on all your "self employment" income. Throwing away money.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34990560)



Reply Favorite

Date: December 23rd, 2017 8:45 AM
Author: deranged fishy idea he suggested

Wages limitation does not apply if you are under the income threshold.

https://www.wsj.com/livecoverage/tax-bill-2017/card/1513385693

Dec 15, 2017 at 7:54 pm ET

How the New Pass-Through Limits Work in the Tax Plan

The House and Senate blended their provisions on a crucial piece of the new tax break for pass-through businesses that aren't in professional service industries.

The House version was based on a company’s capital investments, giving firms the ability to get more of their income at a 25% rate if they had more capital invested.

The Senate’s version limited the tax break to 50% of wages paid.

The final version combines the two approaches. Now, the 20% deduction is capped at either 50% of wages or 25% of wages plus 2.5% of capital assets, whichever is greater.

Compared to the Senate bill, that’s a benefit for capital-intensive companies that don’t pay a lot of wages or any wages at all.

These limits only apply for businesses whose owners have individual income exceeding $157,500 or joint filer income of $315,000.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34990590)



Reply Favorite

Date: December 23rd, 2017 9:36 AM
Author: Aqua Giraffe

180

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34990774)



Reply Favorite

Date: December 23rd, 2017 10:48 AM
Author: Passionate hot electric furnace

poormos getting hard over a deduction that starts phasing out at 315. xo-2017

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991104)



Reply Favorite

Date: December 23rd, 2017 10:50 AM
Author: Aqua Giraffe

Only on XO is $315k HHI considered poor.

$315k is 98th percentile HHI and most business owners claiming $315k HHI are actually making quit a bit more but running large expenses through the company.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991123)



Reply Favorite

Date: December 23rd, 2017 10:58 AM
Author: Passionate hot electric furnace

"Only on XO is $315k HHI considered poor."

Yes, in 2008, not in 2017 when xo is filled with alt right poors.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991158)



Reply Favorite

Date: December 23rd, 2017 11:23 AM
Author: Aqua Giraffe

Brother, $315k HHI is top 98% nationwide and probably top 5-10% of lawyers.

Most BIGLAWYERS here will never make more than $300k even with bonuses and will then find $200k in-house jobs.

The alt right poors here are a different story.

(http://www.autoadmit.com/thread.php?thread_id=3831014&forum_id=2#34991303)