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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...
burgundy toilet seat
  12/16/17
I don’t think you have to be solo. Equity partners at small...
Vibrant green school cafeteria bbw
  12/16/17
Not a taxmo but presumably equity partners could take advant...
burgundy toilet seat
  12/16/17
...
Vibrant green school cafeteria bbw
  12/16/17
This is 180 for me given my wife has an LLC.
Sick Wonderful Site
  12/16/17
...
Harsh Contagious Plaza Ceo
  12/16/17
...
burgundy toilet seat
  12/16/17
Is this below the line?
spruce soul-stirring menage
  12/16/17
180 we're all going to be rich. And no boss/wagecucking
comical house
  12/16/17
U mad that I'll get 10,000 in CREDITS with my 5kids? Lmao@no...
Translucent alcoholic field legend
  12/16/17
Childless, single, rootless cosmopolitan biglaw WAGECUCKS pa...
burgundy toilet seat
  12/16/17
...
outnumbered tan abode
  12/16/17
1.8.0
Histrionic maize school dog poop
  12/16/17
There was a loophole in one of the bills, not sure if it is ...
razzle copper market
  12/16/17
Please link or ELI5 a practical entity set up to take advant...
aphrodisiac karate
  12/17/17
Does not work to the extent the comp is guaranteed or can be...
Sexy nowag
  12/17/17
this should be a top-level response. only one in the thread ...
Unhinged knife office
  12/17/17
So does it work or not? Give us a straight answer faggot
Thriller misanthropic den
  12/17/17
it only works to the extent your income is from goodwill/goi...
Unhinged knife office
  12/17/17
It doesn’t - as my previous post implied - you troglodyte, l...
Sexy nowag
  12/17/17
...
aphrodisiac karate
  12/20/17
Isn't a guaranteed payment a partnership concept and reasona...
Vibrant green school cafeteria bbw
  12/23/17
TCR!!!
Translucent alcoholic field legend
  12/16/17
I came
vivacious candlestick maker
  12/16/17
...
Onyx fantasy-prone immigrant
  12/16/17
...
ocher hospital milk
  12/16/17
...
hairraiser casino people who are hurt
  12/16/17
YNYYYYYYY let's have a crawfish boil this summer brother
Emerald concupiscible regret degenerate
  12/17/17
...
Violet boyish trump supporter business firm
  12/20/17
...
big mint organic girlfriend
  12/23/17
This is so 180 omg
Histrionic maize school dog poop
  12/16/17
How does this work? Is it step ladder to 20%?
peach quadroon
  12/16/17
I can't tell if this phases out at 315 or if u get 20% deduc...
chocolate curious set idiot
  12/16/17
Haven't seen the full bill and the articles summarizing it d...
burgundy toilet seat
  12/16/17
Me either, and I've been looking. I assume it's a straight d...
chocolate curious set idiot
  12/16/17
...
spruce soul-stirring menage
  12/16/17
The 20 percent deduction starts phasing out at 315 and is fu...
Sexy nowag
  12/17/17
Thanks. Do you know if it's above the line or below the line...
burgundy toilet seat
  12/17/17
It’s below the line
Sexy nowag
  12/17/17
So is this going to functionally eliminate the distinction b...
cerebral boistinker
  12/17/17
No. Capital gains ineligible for the deduction, whether or s...
Sexy nowag
  12/17/17
But you don't have to itemize I do not think.
Vibrant green school cafeteria bbw
  12/23/17
1. It's not random as fuck. 2. It's only 20%? I thought i...
lascivious theater
  12/16/17
Poast the bill
sooty bawdyhouse cuckold
  12/16/17
My comment was based on vague recollections of the House and...
lascivious theater
  12/16/17
#3 only applies if you are over the income limits
amber exhilarant cruise ship circlehead
  12/23/17
Has anyone over IQ120 confirmed this reading?
Silver jap temple
  12/16/17
lots of terms of art. unclear whether it really applies acro...
spruce soul-stirring menage
  12/17/17
See my poast above. I have been working on this all weekend....
Sexy nowag
  12/17/17
Why the hate, brother?
burgundy toilet seat
  12/17/17
Oh sorry friend it wasn’t directed.
Silver jap temple
  12/20/17
Relevant to my interests. Can you link to a source confirmi...
cerebral boistinker
  12/17/17
See my poast above. Professional service firms get it if inc...
Sexy nowag
  12/17/17
Yeah I just saw your post. Thanks. That is good news for m...
cerebral boistinker
  12/17/17
The draw is theoretically eligible for the deduction but not...
Sexy nowag
  12/17/17
the draw is just a fixed percentage of annual profit, so I w...
cerebral boistinker
  12/17/17
I mean you can always argue the issue with the IRS. At a cer...
Sexy nowag
  12/17/17
you've got two reasonable comp arguments going. 1 is the ...
Unhinged knife office
  12/17/17
still lmaoing at pretentious asian coastal wagecucks
Emerald concupiscible regret degenerate
  12/17/17
CR
racy principal's office persian
  12/23/17
...
burgundy toilet seat
  12/20/17
pls respond about crawfish boil. thank.
Emerald concupiscible regret degenerate
  12/20/17
Just read an article that says it applies to architecture fi...
Canary institution jewess
  12/20/17
180 fuck lawyers
submissive dashing juggernaut
  12/20/17
...
aphrodisiac karate
  12/20/17
hahahaha
Violet boyish trump supporter business firm
  12/20/17
http://www.abajournal.com/news/article/consensus_tax_bill_in...
cerebral boistinker
  12/20/17
180 for me in spite of poormo income cutoffs: “The ABA p...
Silver jap temple
  12/20/17
Lawyers within the jurisdiction of the San Francisco-based 9...
ocher hospital milk
  12/21/17
(((hehe)))
Emerald concupiscible regret degenerate
  12/21/17
serious Q - I am admitted to the 9th circuit but don't pract...
ocher hospital milk
  12/21/17
it only applies to poor ass solos the income caps are so low
swashbuckling corner philosopher-king
  12/20/17
I believe the income cap is $315k net if you file jointly. I...
burgundy toilet seat
  12/21/17
The Tax Foundation states: Create a 20% deduction for pass-t...
burgundy toilet seat
  12/21/17
Never mind, I think I found it. Looks like you'll need to en...
burgundy toilet seat
  12/21/17
so a solo that wanted to do this woudl need to pay himself a...
spruce soul-stirring menage
  12/22/17
Not a taxmo, but that's my understanding. Regardless, most s...
burgundy toilet seat
  12/23/17
Wages limitation does not apply if you are under the income ...
amber exhilarant cruise ship circlehead
  12/23/17
180
burgundy toilet seat
  12/23/17
poormos getting hard over a deduction that starts phasing ou...
Maroon razzmatazz parlour
  12/23/17
Only on XO is $315k HHI considered poor. $315k is 98th pe...
burgundy toilet seat
  12/23/17
"Only on XO is $315k HHI considered poor." Yes,...
Maroon razzmatazz parlour
  12/23/17
Brother, $315k HHI is top 98% nationwide and probably top 5-...
burgundy toilet seat
  12/23/17


Poast new message in this thread



Reply Favorite

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)



Reply Favorite

Date: December 16th, 2017 9:21 AM
Author: Vibrant green school cafeteria bbw

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: burgundy toilet seat

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: Vibrant green school cafeteria bbw



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



Reply Favorite

Date: December 16th, 2017 9:45 AM
Author: Sick Wonderful 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: Harsh Contagious Plaza Ceo



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



Reply Favorite

Date: December 16th, 2017 10:00 AM
Author: burgundy toilet seat



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



Reply Favorite

Date: December 16th, 2017 10:16 AM
Author: spruce soul-stirring menage

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: comical house

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: Translucent alcoholic field legend

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: burgundy toilet seat

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: outnumbered tan abode



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



Reply Favorite

Date: December 16th, 2017 10:35 AM
Author: Histrionic maize school dog poop

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: razzle copper market

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: aphrodisiac karate

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: Sexy nowag

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: Unhinged knife office

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: Thriller misanthropic den

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: Unhinged knife office

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: Sexy nowag

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: aphrodisiac karate



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



Reply Favorite

Date: December 23rd, 2017 10:07 AM
Author: Vibrant green school cafeteria bbw

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: Translucent alcoholic field legend

TCR!!!

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



Reply Favorite

Date: December 16th, 2017 11:50 AM
Author: vivacious candlestick maker

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: Onyx fantasy-prone immigrant



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



Reply Favorite

Date: December 16th, 2017 2:57 PM
Author: ocher hospital milk



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



Reply Favorite

Date: December 16th, 2017 3:08 PM
Author: hairraiser casino people who are hurt



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



Reply Favorite

Date: December 17th, 2017 5:27 PM
Author: Emerald concupiscible regret degenerate

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: Violet boyish trump supporter business firm



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



Reply Favorite

Date: December 23rd, 2017 11:00 AM
Author: big mint organic girlfriend



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



Reply Favorite

Date: December 16th, 2017 10:36 AM
Author: Histrionic maize school dog poop

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: peach quadroon

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: chocolate curious set idiot

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: burgundy toilet seat

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: chocolate curious set idiot

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: spruce soul-stirring menage



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



Reply Favorite

Date: December 17th, 2017 5:20 PM
Author: Sexy nowag

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: burgundy toilet seat

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: Sexy nowag

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: cerebral boistinker

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: Sexy nowag

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: Vibrant green school cafeteria bbw

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: 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)



Reply Favorite

Date: December 16th, 2017 12:29 PM
Author: sooty bawdyhouse cuckold

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: lascivious theater

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: amber exhilarant cruise ship circlehead

#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: Silver jap temple

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: spruce soul-stirring menage

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: Sexy nowag

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: burgundy toilet seat

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: Silver jap temple

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: cerebral boistinker

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: Sexy nowag

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: cerebral boistinker

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: Sexy nowag

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: 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)



Reply Favorite

Date: December 17th, 2017 5:42 PM
Author: Sexy nowag

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: 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)



Reply Favorite

Date: December 17th, 2017 5:29 PM
Author: Emerald concupiscible regret degenerate

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: racy principal's office persian

CR

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



Reply Favorite

Date: December 20th, 2017 1:05 PM
Author: burgundy toilet seat



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



Reply Favorite

Date: December 20th, 2017 1:06 PM
Author: Emerald concupiscible regret degenerate

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: Canary institution jewess

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: submissive dashing juggernaut

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: aphrodisiac karate



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



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Date: December 20th, 2017 8:35 PM
Author: Violet boyish trump supporter business firm

hahahaha

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



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Date: December 20th, 2017 8:21 PM
Author: cerebral boistinker

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)



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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)



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Date: December 21st, 2017 9:31 AM
Author: ocher hospital milk

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)



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Date: December 21st, 2017 9:34 AM
Author: Emerald concupiscible regret degenerate

(((hehe)))

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



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Date: December 21st, 2017 9:43 AM
Author: ocher hospital milk

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)



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Date: December 20th, 2017 8:50 PM
Author: swashbuckling corner philosopher-king

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)



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Date: December 21st, 2017 11:40 AM
Author: burgundy toilet seat

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)



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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 22nd, 2017 9:24 PM
Author: spruce soul-stirring menage

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)



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Date: December 23rd, 2017 8:31 AM
Author: burgundy toilet seat

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)



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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 9:36 AM
Author: burgundy toilet seat

180

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



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Date: December 23rd, 2017 10:48 AM
Author: Maroon razzmatazz parlour

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)



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Date: December 23rd, 2017 10:50 AM
Author: burgundy toilet seat

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)



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Date: December 23rd, 2017 10:58 AM
Author: Maroon razzmatazz parlour

"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)



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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)