So I can pay myself a salary and also pay myself consulting fees (which I write off)?
OOTB's Political Thread . ..
- Thread starter BillyL
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Trump will get up and lie and act like a fool and you and others will call that winning a debate, while everybody else in the world will see it for what it is. End of story
Those aren’t lies. You’re just too simple to understand the truth.
yes. If you owned a company, your company could pay you W2 wages. At the end of the year, if you earned more money than just salary, you would get a K-1. Both of those pass to your personal return.
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as long as the paperwork was executed correctly, I see no reason for it to be considered illegal. Suppose I want to landscape around my HVAC company office and one of my employees has a landscaping background. My company pays him a consulting fee as an independent service to come in on a Saturday to lay out a landscape, and we also pay him as an hourly employee during the week to perform his usual HVAC- related stuff. Perfectly legal, and no reason to think it shouldn't be. And as a matter of fact, he could be paid as a consultant for generating a landscape plan even while he is being paid hourly for his employee duties.
His fee is an expense that has nothing to do with his payroll, and both come off the bottom line...leaving only the BL to be taxed, just as God intended.
If you understood from before that no money is going untaxed, I'm not sure what the quibble is.
Biden winning in November is absolutely not going to mean that everyone won't hate each other as much... at least not on forums like this, or other social media platforms.
I said not likely. My hope is that liberals try to take a victory lap but they are so bad at doing that and kinda just big pussies that they don't really take one and everyone kind of just shuts up for 4 years.
I know, crazy talk.
Oh look- in the summer of 2016, before anyone had ever mentioned anything about Russia and the campaign, the Intelligence Community became aware that Hillary had approved a plan to create a scandal out of thin air that Trump was using the Russians to hack the DNC. You know what happened next? Just read it for yourself.
This is gonna be glorious.
LOCK HER UP LOCK HER UP LOCK HER UP LOCK HER UP
Oh look- in the summer of 2016, before anyone had ever mentioned anything about Russia and the campaign, the Intelligence Community became aware that Hillary had approved a plan to create a scandal out of thin air that Trump was using the Russians to hack the DNC. You know what happened next? Just read it for yourself.
This is gonna be glorious.
an expense is an expense is an expense. What you don't seem to want to acknowledge is that you are going to be taxed on any income you receive, whether as payroll or otherwise, whether employer or employee.
In your above example, I can see your confusion and it's kind of cute. You are 'writing off' the fee you pay yourself as the employer, but you are paying taxes on that same money as the recipient of it....even though you are the employer. Calling yourself a consultant is fairly ludicrous. It's income, and income is subject to income taxes. Suppose you have $10,000 in the company to burn. If you keep it as profit, you pay taxes on it. If you legitimately spend it on yourself (and the company treats it as an expense), you pay taxes on it. If you bury it in the backyard, you pay taxes on it. The money is taxed. No one is magically producing tax-free money, at least not legitimately.
I wonder if maybe the string of 2-term administrations, back-to-back, made things worse.
Are these legitimate questions or am I being trolled?
Yes - that's perfectly legal. Salary is "written off" as an operating expense in the same way that a consultant fee is written off as an operating expense "above the line" i.e. before taxes. If an employee is making a salary for a specific job, and then has additional responsibilities outside of the scope of that job that they deserve additional compensation for, then they can absolutely also earn a consulting fee. They'll be taxed for both in the same manner for their personal income taxes.
let’s just be glad that tonight we’ll all be entertained on some level.
unless some of you are literally as miserable as you seem to be.
unless some of you are literally as miserable as you seem to be.
Okay, that makes sense. I think the thing that seemed odd was that Ivanka's salary is like 480k and the consulting fee was 750k, but it seems her side-gig is simply involving a pretty massive operation.
Thanks for the explanation.
<O FACE/>
Oh look- in the summer of 2016, before anyone had ever mentioned anything about Russia and the campaign, the Intelligence Community became aware that Hillary had approved a plan to create a scandal out of thin air that Trump was using the Russians to hack the DNC. You know what happened next? Just read it for yourself.
This is gonna be glorious.
her front-gigs are pretty massive too, but that has nothing to do with any operation.
And no problem.
I have no doubt that the majority of what's reported is true when it comes to statements he makes behind closed doors. That being said, I'm really tired of all of this anonymous sources crap. Not just for Trump, but any news. It's horrible journalism and should only be reported in extreme circumstances like national security issues. Either go on the record or shut up.
I know @TarHeelNation11 was a journalism major. What is the general rule concerning anonymous sources? Seems like shit reporting to me, but maybe I'm wrong.
only a true genius like @blazers could surmise that a billionaire family is trying to get out of paying taxes on 750k.
and this is why you people get hoaxed every other day.
anonymous sources on their own are at best, completely worthless. They can also be a weapon too, which is how the progressives masquerading as journalists today view them.
you do realize that you can just make up a quote or 10 or 100 and attribute them to anonymous sources, right? Well, that’s exactly what they do. See the recent Atlantic story regarding Trump and the military.
If you are stupid enough to believe a story with only anonymous sources, then you are too stupid to vote.
So you're just going to ignore the part where I said I don't like anonymous sources? The reason I believe most of what Trump has said is because it fits with past statements and/or his personality. But like I said in the part that you decided to ignore, I don't like stories using anonymous sources and I usually ignore them.
just think how much better your balance sheet would look if you didn’t make losing bets.
what has he said about religion that gives you reason to think this is true?
I'm not trying to bring down the mob operation. My question said "Question for the tax/legal gurus on the board " and "is this legal and common"?
Honestly I'm trying to learn why it might be an eye-brow raiser since even moderate news outlets like thehill.com mention her 750k take as a consultant. Sounds like a nothing-burger since the assumption is that those fees are normal and industry-standard for whatever her side-firm was providing (other than looks).
My primary take from the NYT tax stuff is that our tax system sucks. I don't blame anyone for wanting to keep money in their own pocket tax-wise. Secondary take is that i wouldn't be surprised if Trump was doing something shady simply because he's Trump, but NOT because he's has good tax attorneys.
In this case, it would be his personality. I'm not going to go into detail with you since you think he's bigger than jeebus, but it should be obvious that mocking religion is something that would fit his personality. I don't really care that much about it though. I wouldn't have even known about it if @dadika13 hadn't posted it. The main point I was making was that anonymous sources are tiring and shouldn't be used.
@TarHeelNation11 has been MIA for months. I believe he’s working deep undercover on an expose to reveal all those involved in the pizza parlor/child cannibalism thing.
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