ERBtheGREAT Posted March 25, 2020 Author Report Share Posted March 25, 2020 Stock market will be moving like a stealth jet by election time, Trump wins in a landslide Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 I wonder if people will be able to get around that ingenious plan and just put their money in business accounts instead.If Rito was smart he would incorporate. That way he could shelter some or all of his income from Fica tax and even income tax. Sounds like he's self employed, which would be a mistake. He should also take advantage of a solo 401k or a SEP, Keogh plan. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted March 25, 2020 Report Share Posted March 25, 2020 If Rito was smart he would incorporate. That way he could shelter some or all of his income from Fica tax and even income tax. S-Corp and take an end of year shareholder distribution. All of mine are setup that way. Quote Link to comment Share on other sites More sharing options...
Colonel Lingus Posted March 25, 2020 Report Share Posted March 25, 2020 Bear market rallies are face rippers. Beware Quote Link to comment Share on other sites More sharing options...
mikeman Posted March 25, 2020 Report Share Posted March 25, 2020 Bear market rallies are face rippers. Beware Yup, This is our second 2000 pt rally, that 1st one didn't really work out, did it. Quote Link to comment Share on other sites More sharing options...
Colonel Lingus Posted March 25, 2020 Report Share Posted March 25, 2020 Yup, This is our second 2000 pt rally, that 1st one didn't really work out, did it.My entire equity portfolio was up 12.47% today Didnt even crack a smile Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 S-Corp and take an end of year shareholder distribution. All of mine is setup that way.Kind of. You can take distributions anytime as long as money is available. S-corp owners need to take a reasonable salary. That's where the government collects their fica and unemployment payroll taxes. As owner you have to match the fica witholding. Thats where they get you for 15.3%. 7.65x2. Same rate a SE person pays on all their profits, up to 138,000k. The difference between S-corp and SE is an S-Corp owner doesn't have to pay 15.3% on all his profits. Only on the reasonable salary component. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted March 25, 2020 Report Share Posted March 25, 2020 Kind of. You can take distributions anytime as long as money is available. S-corp owners need to take a reasonable salary. That's where the government collects their fica and unemployment payroll taxes. As owner you have to match the fica witholding. Thats where they get you for 15.3%. 7.65x2. Same rate a SE person pays on all their profits, up to 138,000k. The difference between S-corp and SE is an S-Corp owner doesn't hwve to pay 15.3 on all his profits. Only on the reasonable salary component. Yes. You just explained what I already said. You can take distributions any time but a lot better to do it all at one time as an annual bonus according to my accountant. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 Yes. You just explained what I already said. You can take distributions any time but a lot better to do it all at one time as an annual bonus according to my accountant.Not really, especially if your business makes monthly profits. Most owners will take multiple distributions every year. Maybe monthly, depending on need. Most business owners have personal bills. How do you pay those bills with out cash flow? You don't pay them at year end. They would all be late. You may have some cash flow with you salary. But your salary should be structured as a zero net check because salary should be a vehicle used to have federal and state income taxes paid in. Gross up your salary just enough to cover your personal federal and state income tax. And of course the gross also has to be enough to cover fica. But you want to keep your salary as same as possible to minimize Fica tax. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted March 25, 2020 Author Report Share Posted March 25, 2020 amazing how good the conversation is here when nobody mentions politics Quote Link to comment Share on other sites More sharing options...
mr vegas Posted March 25, 2020 Report Share Posted March 25, 2020 Fair Warning why do you spread so much misinformation and lies about me. You don't know shit about who paid. You need a good ass kicking. once again you lie. when you ate with brock you posted about it. was at some italian restaurant. brock paid and you left the tip. pork chops with peppers ring a bell.... you posted it all here...look it up............lol Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted March 25, 2020 Report Share Posted March 25, 2020 Not really, especially if your business makes monthly profits. Most owners will take multiple distributions every year. Maybe monthly, depending on need. Most business owners have personal bills. How do you pay those bills with out cash flow? You don't pay them at year end. They would all be late. You may have some cash flow with you salary. But your salary should be structured as a zero net check because salary should be a vehicle used to have federal and state income taxes paid in.Salary has to be at least half of your distribution or you'll get clipped. I make more than enough from that to pay my bills. Plus some things can be expensed through the business and other investments can be done under the business umbrella rather than personal. Quote Link to comment Share on other sites More sharing options...
Brock Landers Posted March 25, 2020 Report Share Posted March 25, 2020 Hugo's frog bar at the RIVERS CASINO Think I had a comp Was an excellent meal and better conversation Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 once again you lie. when you ate with brock you posted about it. was at some italian restaurant. brock paid and you left the tip. pork chops with peppers ring a bell.... you posted it all here...look it up............lolSo if my dinner cost $40 and the total bill was $120 because Brock's meal was twice as much as mine. And I leave a $40 tip. That means Brock paid for my dinner? Fuckoff asshole, you lose again. Dumb Alfie you need a good asskicking. Jk, Bigrunner threatened my. Ban him already. Jk do something. - Dumb Alfie Quote Link to comment Share on other sites More sharing options...
mr vegas Posted March 25, 2020 Report Share Posted March 25, 2020 So if my dinner cost $40 and the total bill was $120 because Brock's meal was twice as much as mine. And I leave a $40 tip. That means Brock paid for my dinner? Fuckoff asshole, you lose again. Dumb Alfie you need a good asskicking. Jk, Bigrunner threatened my. Ban him already. Jk do something.- Dumb Alfie point is fw said brock grabbed the check, you cry foul and get caught lying again..........lol Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 Hugo's frog bar at the RIVERS CASINO Think I had a comp Was an excellent meal and better conversationBrock if you remember correctly you thought you had a comp for both of us. It turned out you only had enough comps for your meal. I wasn't going to let you pay the whole bill so I contributed $40. It was a great dinner. Well worth $40. I remember you played 3 College games for $500 ea and went 3-0. You also won $800 playing the tables. Damn I shouldn't have paid a dime. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 point is fw said brock grabbed the check, you cry foul and get caught lying again..........lolYou're wrong. FW said Brock paid. It isn't the first time you take my honesty and spin it to make me look like a liar. You did it with aids streaken Palmtree also. You're a little bitch! Jk, Bigrunner is threatening me! Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 Biggest % gain since 1933 The worst year of the great depressionThis! Trumps leadership creates the new great depression. Quote Link to comment Share on other sites More sharing options...
rito Posted March 25, 2020 Report Share Posted March 25, 2020 If it was "earnings", you should pay FICA Taxes on the whole amount.So a 55% total rate is on with you? Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted March 25, 2020 Report Share Posted March 25, 2020 This! Trumps leadership creates the new great depression.1933 was the end of the Great Depression. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 So a 55% total rate is on with you?Your tax rate is a little off relatively speaking. You get to write off travel, office, supplies, utilities, cell, internet, advertising, miles, depreciation, m&e, Pension, Sep. So your taxable S.E. earnings are understated relative to an employee with W-2 income. They cant deduct business expenses like you. So your so called 55% is on you net earnings not your gross earnings. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted March 25, 2020 Author Report Share Posted March 25, 2020 Do you guys ever look at super high dividend stocks? I'm guessing they're so high because there's a higher chance the company can go bankrupt and you're out all of your loot? Example: ECC Stock Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted March 25, 2020 Report Share Posted March 25, 2020 Your tax rate is a little off relatively speaking. You get to write off travel, office, supplies, utilities, cell, internet, advertising, miles, depreciation, m&e, Pension, Sep. So your taxable S.E. earnings are understated relative to an employee with W-2 income. They cant deduct business expenses like you. So your so called 55% is on you net earnings not your gross earnings. Nonsense. A lot of companies pay for a lot of that stuff for their employees. Expenses aren't a perk. They're... wait for it.... expenses. Quote Link to comment Share on other sites More sharing options...
Bigrunner Posted March 25, 2020 Report Share Posted March 25, 2020 Nonsense. A lot of companies pay for a lot of that stuff for their employees. Expenses aren't a perk. They're... wait for it.... expenses.This is true, but a business owner does have advantages to shelter income vs. employees. I agree your combined tax rate is a little high. You're upper middle class? I think your actual combine rate is closer to 50%. But regardless it should be less. There are vehicles available for you to lower your combined tax rate that you're not using. But the obvious problem is the top 1% richest are paying a lower combined rate than you. That's because they have lobbyist representing them. 21% corporate tax. Tax loopholes for real estate owners. Tax breaks for energy and oil co. Amazon pays zero tax. Im all for a wealth tax. Real Estate tax is a type wealth tax. How do you feel about a wealth tax on billionaires and $500 millionaires? The richest Americans definitely aren't paying their fair share. Imo, all of this Quote Link to comment Share on other sites More sharing options...
Brock Landers Posted March 25, 2020 Report Share Posted March 25, 2020 Brock if you remember correctly you thought you had a comp for both of us. It turned out you only had enough comps for your meal. I wasn't going to let you pay the whole bill so I contributed $40. It was a great dinner. Well worth $40. I remember you played 3 College games for $500 ea and went 3-0. You also won $800 playing the tables. Damn I shouldn't have paid a dime. sounds right! Can't wait to go back to the FROG BAA excellent food Quote Link to comment Share on other sites More sharing options...
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