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Vols Tears

RF-4CCane said:
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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Correct. SALT deduction is capped at $10,000. Although the cap will probably be increased in the reconciliation package so the republicans can keep the seats they have in NY.
 
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RF-4CCane said:
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.
Click to expand...


The TCJA capped the SALT limitation for the years 2018-2025. Which means the cap is expiring. It's my fault anyhow, I do corporate taxes, so we always use enacted (or expiring) rates on a going forward basis. So, yes, there would be a cap for 2025, but not after 2025, unless the cap is re-enacted.

Besides, if you want the far batter answer that I was alluding to previously, it's this (and Nico probably already set up an S-corp 2 years ago).

You have all the money paid into an S-corporation. The S-corporation can then take business deductions against the income. Agent commission, legal fees, accounting fees. VEHICLE EXPENSE. Throw in some expenses for drycleaning and office supplies and anything else that makes sense, like a computer. PAY YOURSELF A MODEST SALARY. What does all of that do:

1. Reduction of federal income tax - not to zero, but it's still a reduction. Chances are, he is still in the highest personal tax bracket, but still.
2. Near-total elimination of payroll taxes.
3. Reduces the state tax as well.

I guarantee if that guy let me structure his business, I would get the EFFECTIVE tax rate on 1.8 million down to around 40%.

And that's not even taking into account multi-state tax strategies. Like doing some of the required NIL tasks (signing autographs, filming videos and promos, etc.) in Nevada, which has no income tax. Set up a UCLA alum function in Vegas, have Nico show up to sign things and host an auction, and BOOM, a good chunk of that 1.8 million starts to be earned in Nevada.
 
RF-4CCane said:
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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The cost of living is considerably higher in Los Angeles than Tennessee.
 
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caneingville said:
What a dumb article. It’s July. Are schools supposed to stop recruiting?
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It’s remarkable how underwhelming that program is. Also, they are incapable of putting a beat down on Florida. They just can’t do it. Doesn’t matter if they’re undefeated and Florida is 0-9 going into their game. They’ll find a way to get blown out or win by 1 possession (at best).

That’s an auto W for Florida next year. Rocky bottom is incapable of winning in the swamp. They haven’t done it in 22 years!
 
caneingville said:
What a dumb article. It’s July. Are schools supposed to stop recruiting?
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Yeah…. Younn know? $EC schools own the exclusive rights of all talented athletes. Errybody else fighting for their scraps. Once a kid is committed to an $EC school, everyone else is FORBIDDEN to recruit him…. ESPECIALLY the “thug paradise” located in Coral Gables. No no no!
Fucc dem whiskey cooking, three teeth having, cousin marrying, overall wearing, moonshine hauling, coon dog breeding, good ole’ rocky top singing, hillbillies! Recruit em till the ink dries. To **** with the rest.
 
KANE said:
Yeah…. Younn know? $EC schools own the exclusive rights of all talented athletes. Errybody else fighting for their scraps. Once a kid is committed to an $EC school, everyone else is FORBIDDEN to recruit him…. ESPECIALLY the “thug paradise” located in Coral Gables. No no no!
Fucc dem whiskey cooking, three teeth having, cousin marrying, overall wearing, moonshine hauling, coon dog breeding, good ole’ rocky top singing, hillbillies! Recruit em till the ink dries. To **** with the rest.
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Hey now…

What’s wrong with whiskey and moonshine?!?
 
FL Cane said:
It’s remarkable how underwhelming that program is. Also, they are incapable of putting a beat down on Florida. They just can’t do it. Doesn’t matter if they’re undefeated and Florida is 0-9 going into their game. They’ll find a way to get blown out or win by 1 possession (at best).

That’s an auto W for Florida next year. Rocky bottom is incapable of winning in the swamp. They haven’t done it in 22 years!
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Who knows with this collective motley crew of coaches though. Did you see last year’s ****show in Knoxville?
 
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FL Cane said:
It’s remarkable how underwhelming that program is. Also, they are incapable of putting a beat down on Florida. They just can’t do it. Doesn’t matter if they’re undefeated and Florida is 0-9 going into their game. They’ll find a way to get blown out or win by 1 possession (at best).

That’s an auto W for Florida next year. Rocky bottom is incapable of winning in the swamp. They haven’t done it in 22 years!
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Rocky Bottom. Love it and will use it.
 
Memnon said:
They're still actively trying to flip Tristan Keys.

No recruit is safe until they sign their NLI.

And even then, they're still not safe.

The game is the game...
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This is the only downside to always getting portal quarterbacks every year as potential wide receivers Wanna have an idea who the catching passes from?
 
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