How To Avoid Paying Taxes...Legally

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Don't hate the player, hate the game

deathbyvanity

For anyone wondering, this is the pass through entity tax, which is where you elect to pay your state tax at the entity level, which avoids the $10k limit for deducting state tax, and doesn't affect your ability to itemize or take the standard deduction, as it becomes a business deduction, not a personal one.

The IRS is aware of this and hasn't said that it's not allowed, but its not available in all states.

PointsPrecision

As a young accountant, can confirm that just about everything is a gray area. Already made a few calls to the IRS to clarify a few things, those wait times, oof they are rough.

garretth

So there is a guy paying 400k in state taxes who doesn't have a CPA providing him tax planning? Seriously?

JosephAccetturoII

How millionaires get away with paying less tax. They can afford the best accountants and lawyers to argue their case. Isn’t worth the IRS time / money to try a legal battle with them so they go after easy targets that are the lower earners.

anthonyhenryhoover

No money in Hell ...😂😂😂 Wonder why? 😂😂😂😂

conversationswithme

California Assembly Bill 150 allows pass through entities to pay the State tax out of the business so it’s a deduction at the Federal level. This bill ends at the end of 2025. There’s some elections and payments you need to make in advance but it’s definitely helpful. My CPA helped me with this tax election. I highly recommend high income earners work with CPA’s to find legal tax avoidance laws.

bartjsimpson

The more you’re willing to pay a CPA the more knowledge in taxes you’ll get. 90% people want to cheap out on a CPA but don’t realize they are a great assets they shouldn’t nickel and dime for their time.

Camille

If anyone interested he is talking about turning your LLC to and S-corp and turning yourself an employee of the company this way you avoid being taxed twice as much

justsaying

Not you cutting to Meet Kevin’s plane when you said everything is up for interpretation! Well played

ShellysMillions

It’s the PTET - Pass Through Entity Tax

ThatRandomFinanceGuy

You have to do some serious wizard level accounting to have the deductions come to zero taxes owed your playing with fire if you do it wrong things go really bad

Coyote

I’m a travel nurse and got offered a 5 figure a week contract and then I heard about the taxes in CA which I knew were bad. Needless to say I chose the contract in NOLA for 1/3 of the pay

Olliethegolden

Poor guy, i made 70k as a mail man before taxes and got a total refund of $600 total after paying over 9k in state n federal.... 😮😢 shit is fd up... i use 0 of state n federal assistance why am i being taxed so heavily and get nothing back?!!

Natescoop