High Earners working in high tax States Going LLC

[Moonglow]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

Kansas is a perfect example of hardship by allowing tax avoision through LLC's.. Florida is not so bad off with their program but Florida is in a different place..

 

[Erinwltr]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

What's new, it's been going on for decades?

but more are than ever before because of the new corp tax cuts....

i heard mentions of this before they passed the bill...

Yep me too. There was a really good write up in Businessweek about this.

 

[IsaacNewton]

Easy to notice that people with a lot of money, that long ago said goodbye to worrying about food, housing, and medical care, are the ones that ***** the most about taxes. Can't you ignorant lost souls just be happy you are doing well and can sleep at night knowing you will eat tomorrow and your children will get to see a doctor? There is nothing wrong with striving and making money but for f#$k's sake stop the incessant whining because you have to pay to support the very economy and society that provides that wealth for you? In other words STFU about how 'miserable' you are when 1/6th of the children in the US go to bed hungry every night.

 

[Cellblock2429]

Easy to notice that people with a lot of money, that long ago said goodbye to worrying about food, housing, and medical care, are the ones that ***** the most about taxes. Can't you ignorant lost souls just be happy you are doing well and can sleep at night knowing you will eat tomorrow and your children will get to see a doctor? There is nothing wrong with striving and making money but for f#$k's sake stop the incessant whining because you have to pay to support the very economy and society that provides that wealth for you? In other words STFU about how 'miserable' you are when 1/6th of the children in the US go to bed hungry every night.

/----/ So if a mugger robs you, that will be your philosophy?

 

[william the wie]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

What's new, it's been going on for decades?

but more are than ever before because of the new corp tax cuts....

i heard mentions of this before they passed the bill...

Yep me too. There was a really good write up in Businessweek about this.

Confession time. Been out of debt completely since 92 and neither of us has needed to work since 2002 and the biggest argument about money we have is whether to send money to Samaritan's Purse or Christian Light. Gail has nieces in NY and CA, my relatives are in AL, AZ, TX and NE. So my primary interest in the High tax states is to determine what and where to invest into to take advantage of the coming crash.

 

[jc456]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

City in Chicago, Harvey, just laid off 40% of the police force and 25% of the fire fighters in their city due to money issues. Look up Harvey and who lives there. I'm telling you, the dems are out for the blacks. I'll still never understand how the blacks keep voting for them. I truly can't. there is absolutely no logic behind it.

 

[whitehall]

You have to scratch your head at the hypocrite left. Everyone hates taxes and it's no secret that almost every small business opts for a LLC designation. Some (left wing) political propaganda operations like Media Matters are even tax exempt. You can count on it, when small businesses get a break, the whiny left whines about state government income. Whether it is taxes or even the freaking weather there is no pleasing the left during a republican administration

 

[william the wie]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

City in Chicago, Harvey, just laid off 40% of the police force and 25% of the fire fighters in their city due to money issues. Look up Harvey and who lives there. I'm telling you, the dems are out for the blacks. I'll still never understand how the blacks keep voting for them. I truly can't. there is absolutely no logic behind it.

My guess is that the big five: CA, IL, MA, NJ & NY; will get their own personal Independent Counsels shortly after the tax fire season to put (the mostly D) current and former state officials in court facing treble damages. The R officials in those five states have generally been ignored when it comes to splitting up the bribes and loot. The blue wave later this year may have hit a sea wall.

 

[OnePercenter]

most states and blue states in particular require a percentage of federal income tax if you are/were a state resident for a single day. This is an outmigration preventative pure and simple

Not true.

 

[OnePercenter]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

City in Chicago, Harvey, just laid off 40% of the police force and 25% of the fire fighters in their city due to money issues. Look up Harvey and who lives there. I'm telling you, the dems are out for the blacks. I'll still never understand how the blacks keep voting for them. I truly can't. there is absolutely no logic behind it.

My guess is that the big five: CA, IL, MA, NJ & NY; will get their own personal Independent Counsels shortly after the tax fire season to put (the mostly D) current and former state officials in court facing treble damages. The R officials in those five states have generally been ignored when it comes to splitting up the bribes and loot. The blue wave later this year may have hit a sea wall.

The big five should learn from the southern red States and become takers. Or, we could pay the working class a livable wage so they can pay higher amounts in taxes and have more spendable income to spend.

 

[OnePercenter]

You have to scratch your head at the hypocrite left. Everyone hates taxes and it's no secret that almost every small business opts for a LLC designation. Some (left wing) political propaganda operations like Media Matters are even tax exempt. You can count on it, when small businesses get a break, the whiny left whines about state government income. Whether it is taxes or even the freaking weather there is no pleasing the left during a republican administration

Keep in mind that business pays less percentage in total taxes based on revenue than you pay in total taxes based on income.

 

[OnePercenter]

I didn't see this coming, the wife picked it up on NBR last night and she informed me of it when we went out to eat today. This only works on reducing state and local income tax and where your employer, if any, goes along with it. This will put much greater stress on states that are already in trouble and will result in ever lower public services.

This will only provide a benefit in extraordinary circumstances. If you are self employed, creating an LLC won't typically reduce your tax burden, because an LLC with only one member is merely a pass through.

Any employer who tries to basically reclassify employees into contractors so the employee can incorporate as an LLC will end up regretting the decision in the long run. Whether someone is an employee or contractor is not determined by a statement written on paper, it's determined by the nature of the relationship, the degree of control the employer exerts over the individual, etc. If the employer doesn't relinquish control over the individual's work the employer will eventually end up on the hook for any unpaid taxes.

Then why is Microsoft a Nevada Corporation?

Bill Gates is also.

I own five companies that conduct business in the ten western States and all are Nevada corporations.

Bullshit. If that were true, you'd understand the difference between an LLC and a corporation.

S corporations and LLC's are fundamentally the same. A C corporation extends to business ownership such as real estate and more. Then you have professional corporations, MD's, CPA's, etc.

 

[william the wie]

You may like the first genocidal party that invented the big lie in 1824 but the political arm of organized crime needs to be denazified before its chumps will get any sympathy from anyone with any sense of decency.

 

[Stormy Daniels]

S corporations and LLC's are fundamentally the same. A C corporation extends to business ownership such as real estate and more. Then you have professional corporations, MD's, CPA's, etc.

 

[jc456]

S corporations and LLC's are fundamentally the same. A C corporation extends to business ownership such as real estate and more. Then you have professional corporations, MD's, CPA's, etc.

ROBERT Downey jr? Really? Most likely on drugs there

 

[OnePercenter]

S corporations and LLC's are fundamentally the same. A C corporation extends to business ownership such as real estate and more. Then you have professional corporations, MD's, CPA's, etc.

Since you have no reply I'll take that as you've learned something.