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(08-22-2023, 07:46 AM)dfrecore Wrote: Ok AlvinG, you win. You know everything, everyone else knows nothing. Maybe we should all leave, and you can run the forum. SMH.
FWIW, I wouldn’t take tax planning advice from AlvinG. I started preparing a very lengthy response and at some point asked myself “why am I doing this?”, so I deleted it. I will give the canned response when I don’t want to take the time answer a tax question: consult with your CPA before following this advice and if you don’t have a CPA, hire a CPA.
Master of Accountancy (taxation concentration), University of Texas Rio Grande Valley, in progress.
Master of Business Administration (financial planning specialization), University of Texas Rio Grande Valley, in progress.
BA, UMPI. Accounting major; Business Administration major/Management & Leadership concentration. Awarded Dec. 2021.
In-person/B&M: BA (history, archaeology)
In-person/B&M: MA (American history)
Sophia: 15 courses (42hrs)
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(08-22-2023, 07:55 AM)freeloader Wrote: (08-22-2023, 07:46 AM)dfrecore Wrote: Ok AlvinG, you win. You know everything, everyone else knows nothing. Maybe we should all leave, and you can run the forum. SMH.
FWIW, I wouldn’t take tax planning advice from AlvinG. I started preparing a very lengthy response and at some point asked myself “why am I doing this?”, so I deleted it. I will give the canned response when I don’t want to take the time answer a tax question: consult with your CPA before following this advice and if you don’t have a CPA, hire a CPA. Any service your business provides a product on is taxed by the government, and then each employee is taxed on their income (as w2 you pay part of). This is why Elon Musk claims he pays him self nothing. Elon has a company with stocks, and puts up his stocks for a loan at an interest rate which he over competes. This is how he avoids taxes and has “income.”
Normal people? No.
My uncle by example is an Owner Operator. His income is $400,000/YR. He in reality nets closer to $100,000 after fuel expenses, maintenance, insurance, and taxes. Go try it out. This means if he had a fleet of 10 trucks, and was paying each driver $70,000/YR, he him self would net less than $300,000/yr if it was repeatable. Off a 4 million a year business.
Alas what you’re thinking of is based on a single person LLC. I wouldn’t consider that “running a business.”
When you hire multiple employees, and run an actual business, the profit margin is much smaller. You pay taxes on company earned income, and then you pay % tax on the W2 income you pay your employees, and roughly 50% of social security. Don’t forget insurance and the other required licenses, and benefits including company matches. This is why most Fleet owners make their employees run as 1099’s, it affords more tax breaks for the business and creates real profitability.
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(08-22-2023, 08:29 AM)AlvinG Wrote: Go try it out. Unfortunately, I just don’t have time. Too busy working on my master’s degree (in tax), studying for the CPA exam, and working my job as a tax accountant.
Master of Accountancy (taxation concentration), University of Texas Rio Grande Valley, in progress.
Master of Business Administration (financial planning specialization), University of Texas Rio Grande Valley, in progress.
BA, UMPI. Accounting major; Business Administration major/Management & Leadership concentration. Awarded Dec. 2021.
In-person/B&M: BA (history, archaeology)
In-person/B&M: MA (American history)
Sophia: 15 courses (42hrs)
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(08-22-2023, 09:17 AM)freeloader Wrote: (08-22-2023, 08:29 AM)AlvinG Wrote: Go try it out. Unfortunately, I just don’t have time. Too busy working on my master’s degree (in tax), studying for the CPA exam, and working my job as a tax accountant.
Give up freeloader! AlvinG is an expert in EVERYTHING. I'm sure he's a brain surgeon in his spare time...
TESU BSBA/HR 2018 - WVNCC BOG AAS 2017 - GGU Cert in Mgmt 2000
EXAMS: TECEP Tech Wrtg, Comp II, LA Math, PR, Computers DSST Computers, Pers Fin CLEP Mgmt, Mktg
COURSES: TESU Capstone Study.com Pers Fin, Microecon, Stats Ed4Credit Acct 2 PF Fin Mgmt ALEKS Int & Coll Alg Sophia Proj Mgmt The Institutes - Ins Ethics Kaplan PLA
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(08-22-2023, 09:17 AM)freeloader Wrote: (08-22-2023, 08:29 AM)AlvinG Wrote: Go try it out. Unfortunately, I just don’t have time. Too busy working on my master’s degree (in tax), studying for the CPA exam, and working my job as a tax accountant. Nothing wrong with that, Alaska air has really nice CPA benefits including free flights. The starting pay close to 90k last I seen. I know their Assistant controllers and controllers make a pretty penny 150k-200k+
Corporation America money is hard to beat.
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08-22-2023, 10:08 AM
(This post was last modified: 08-22-2023, 10:11 AM by freeloader.)
Deleted erroneous duplicate post
Master of Accountancy (taxation concentration), University of Texas Rio Grande Valley, in progress.
Master of Business Administration (financial planning specialization), University of Texas Rio Grande Valley, in progress.
BA, UMPI. Accounting major; Business Administration major/Management & Leadership concentration. Awarded Dec. 2021.
In-person/B&M: BA (history, archaeology)
In-person/B&M: MA (American history)
Sophia: 15 courses (42hrs)
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AlvinG's posts are kind of starting to sound like sour grapes at this point.
In progress:
TESU - BA Computer Science; BSBA CIS; ASNSM Math & CS; ASBA
Completed:
Pierpont - AAS BOG
Sophia (so many), The Institutes (old), Study.com (5 courses)
ASU: Human Origins, Astronomy, Intro Health & Wellness, Western Civilization, Computer Appls & Info Technology, Intro Programming
Strayer: CIS175, CIS111, WRK100, MAT210
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Hey, that’s Mr. AlvinG to you!
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