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TheOriginalCane said:
I've been doing my brother's taxes for 30 years. Owns his own business. Barely pays income taxes.

Pays himself $26K a year. Has a 3 story house on 7 riverfront acres in Orlando.

Too many multi-millionaires crying like little ******* about "high tax rates". You don't have to make a ton of money to get ahead. You just have to be smart about it.

DM me if you need any help.
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Wait say what you're an accountant?!
 
TheOriginalCane said:
Tax attorney. I've been doing my brother's taxes since the 1990s when I was in law school and he started his own business.

I work for a publicly-traded corporation in ATL now.
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JD08 said:
Au contraire, mon frere! He is tax attorney.
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Somehow I feel like I should know this by now, but good to know. I may DM you for some advice in the near future if you wouldn't mind.
 
TheOriginalCane said:
That "math" is completely fraudulent.

Anyone who argues that Federal Income Taxes will take 2/3 of one's salary is full of ****.

Not to mention that there are PLENTY of ways to reduce the taxation considerably. The actual taxation, not the bull**** claimed in that Twatter post.
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Truth. Even if he made $2mil, the math is wrong. You only pay 37% on the amount made over the 35% bracket and so on with the 32% bracket etc.
 
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TheOriginalCane said:
I've been doing my brother's taxes for 30 years. Owns his own business. Barely pays income taxes.

Pays himself $26K a year. Has a 3 story house on 7 riverfront acres in Orlando.

Too many multi-millionaires crying like little ******* about "high tax rates". You don't have to make a ton of money to get ahead. You just have to be smart about it.

DM me if you need any help.
Click to expand...
arrested development banana stand GIF
 
We have to stop posting this stuff about what Nico is paid and what he retains.

For the moment, we can just pretend that the number he is being paid is $1.8 million. Now, that may have been what he was paid at Tennessee, because I heard he was getting paid just over $1 million by UCLA.

But let's pretend that the amount is $1.8 million. OK.

Now, the Federal Income Tax portion is the same, no matter what state he lives in. Great. Same thing with federal payroll taxes. They are the same in every state.

So then, the only "differential" is California state income tax. And, yes, it is high.

BUT, state income taxes are also deductible. So the $210K of California state income tax, at the 37% federal rate, will actually REDUCE his federal tax bill by $77,700, meaning that the IMPACT of the California state taxes, the OUT-OF-POCKET tax impact is only $132,000.

Now, I'm not saying $132K is small potatoes. But it's also not as bad as $210K.

You always have to factor in the deductibility of state taxes.

Which means his "take home pay" on $1.8 million is around $1 million. Even in the highest-tax state in the country (CA), he only loses about 44% to tax. That's not great. We can all complain about it. But it's 37% fed and about a 7% tax-effected state rate.
 
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TheOriginalCane said:
I've been doing my brother's taxes for 30 years. Owns his own business. Barely pays income taxes.

Pays himself $26K a year. Has a 3 story house on 7 riverfront acres in Orlando.

Too many multi-millionaires crying like little ******* about "high tax rates". You don't have to make a ton of money to get ahead. You just have to be smart about it.

DM me if you need any help.
Click to expand...
Looking for a new accountant here in Orlando. Let me know if you recommend anyone. Thanks
 
TheOriginalCane said:
We have to stop posting this stuff about what Nico is paid and what he retains.

For the moment, we can just pretend that the number he is being paid is $1.8 million. Now, that may have been what he was paid at Tennessee, because I heard he was getting paid just over $1 million by UCLA.

But let's pretend that the amount is $1.8 million. OK.

Now, the Federal Income Tax portion is the same, no matter what state he lives in. Great. Same thing with federal payroll taxes. They are the same in every state.

So then, the only "differential" is California state income tax. And, yes, it is high.

BUT, state income taxes are also deductible. So the $210K of California state income tax, at the 37% federal rate, will actually REDUCE his federal tax bill by $77,700, meaning that the IMPACT of the California state taxes, the OUT-OF-POCKET tax impact is only $132,000.

Now, I'm not saying $132K is small potatoes. But it's also not as bad as $210K.

You always have to factor in the deductibility of state taxes.

Which means his "take home pay" on $1.8 million is around $1 million. Even in the highest-tax state in the country (CA), he only loses about 44% to tax. That's not great. We can all complain about it. But it's 37% fed and about a 7% tax-effected state rate.
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I know you do this for a living, so this is as much a question as a statement, but the state income tax deduction, as I understand it, is capped at $10k, including real estate taxes lumped together.
So you can only deduct a total of $10k for all state and local taxes.
So it would only lower his federal taxes by $10k, not $77k.
 
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