Final GOP tax bill actually 180 for me/solo attorneys. FUCKS wage cucks
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Poast new message in this thread
Date: December 16th, 2017 9:14 AM Author: burgundy toilet seat
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) |
Date: December 16th, 2017 12:25 PM Author: lascivious theater
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) |
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Date: December 17th, 2017 5:36 PM Author: cerebral boistinker
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)
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Date: December 17th, 2017 5:44 PM Author: Unhinged knife office
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) |
Date: December 20th, 2017 8:33 PM Author: Silver jap temple
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) |
Date: December 21st, 2017 11:42 AM Author: burgundy toilet seat
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) |
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Date: December 21st, 2017 11:47 AM Author: burgundy toilet seat
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) |
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Date: December 23rd, 2017 8:45 AM Author: amber exhilarant cruise ship circlehead
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) |
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Date: December 23rd, 2017 11:23 AM Author: burgundy toilet seat
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) |
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