Celebrating 10 years! 2007-2017

$157,500

Remember that this year, if you are a single filer solo, you guyingorillasuit11/27/18
To a point - they can take up to 2.5% of the depreciable val flyer1411/28/18
This isn't quite the full story. If you are single and make caj11111/28/18
I just checked, and you are correct. guyingorillasuit11/28/18
I dont think most people on this board have to worry about t mtbislife11/28/18
"But I'm NOT BITTER!" Haha wutwutwut11/28/18
Salary to hours worked is key. Everyone is different but hig mtbislife11/28/18
Funny, I used to think of 70 hours as normal, and did the oc dingbat11/29/18
funny, I just learned that the Board of Directors approved o lionelhutz11/29/18
guyingorillasuit (Nov 27, 2018 - 10:53 pm)

Remember that this year, if you are a single filer solo, you shouldn't declare any income past $157,500 - you will get actively and severely punished by the new QBID rules. If you have income in excess of that amount, open up extra retirement accounts, pay down next year's seminars, etc.

Example 1: you make $157k. You will get 20% off automatically under QBID, which means about $30k off, or $12,500 cash in hand. You can go take two exotic vacations for free. Example 2: you make $158k. You do not qualify for QBID. You do not get $30k off. You pay for your own vacations.

Most service professions are subject to this limitations - doctors, lawyers, accountants, etc. You know who isn't? Real estate developers. They get 20% off no matter how much they make.

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flyer14 (Nov 28, 2018 - 1:21 am)

To a point - they can take up to 2.5% of the depreciable value of their real property to get to a 20% reduction in tax liability.

Y’know, if you owned a billion dollars worth of real estate...

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caj111 (Nov 28, 2018 - 2:58 pm)

This isn't quite the full story. If you are single and make over $ 157,500 from your self-employment income, the extra 20% deduction gets gradually phased out until you hit $ 207,500, at which point you get no deduction. The numbers for married couples are $ 315,000 for when the deduction starts to phase out then is completely phased out at $ 415,000.

So if you make $ 158,000 as you mentioned as a self-employed person, you would still get some of the 20% deduction, in fact, most of it.

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guyingorillasuit (Nov 28, 2018 - 9:55 pm)

I just checked, and you are correct.

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mtbislife (Nov 28, 2018 - 3:25 pm)

I dont think most people on this board have to worry about that.

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wutwutwut (Nov 28, 2018 - 4:04 pm)

"But I'm NOT BITTER!"

Haha

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mtbislife (Nov 28, 2018 - 5:00 pm)

Salary to hours worked is key. Everyone is different but high stress 70 hour weeks are simply not worth any sum of money to me.

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dingbat (Nov 29, 2018 - 7:36 pm)

Funny, I used to think of 70 hours as normal, and did the occasional 90-100 hour workweek as needed.

Now? It's been months since the last time I worked 40 hours. That's my occasional crunch.

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lionelhutz (Nov 29, 2018 - 12:52 pm)

funny, I just learned that the Board of Directors approved our annual bonuses and my bonus is shockingly close to this number (within $1,000). Unfortunately it will taxed to the hilt and isn't paid till mid-March 2019.

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