Actors *Rushing* To Form S-Corporations In Response To Tax Bill (accountant, deduction)

[BugsyPal]

Due to changes brought about by the recent GOP tax changes, actors are now rushing to incorporate themselves in order to reclaim some of the now lost deductions.


https://www.nytimes.com/2018/03/22/n...orporates.html

[TimAZ]

So what? I've operated an S-corp for two decades and used every legitimate deduction available to reduce my family's tax burden. The SEP IRA provision alone has helped us save considerably for retirement.

[BugsyPal]

Originally Posted by TimAZ

So what? I've operated an S-corp for two decades and used every legitimate deduction available to reduce my family's tax burden. The SEP IRA provision alone has helped us save considerably for retirement.

I'm sorry; thought purpose of this forum was to disseminate information, not everything is about *you*.

[TimAZ]

Originally Posted by BugsyPal

I'm sorry; thought purpose of this forum was to disseminate information, not everything is about *you*.

So people creating S-Corps is newsworthy even though CPAs have been offering it as a financial option to their clients for sixty years? Or perhaps you think it's the inner workings of actors' finances that are somehow special and newsworthy?

If the latter, you get a gold star for pointing out that actors (and/or their accountants) might not be as dumb as they first appear.

[Quietude]

I'd wager that most actors past the 1-appearance-per-show level are already incorporated or otherwise collect their pay other than on a W-2.

[Electrician4you]

Originally Posted by TimAZ

So people creating S-Corps is newsworthy even though CPAs have been offering it as a financial option to their clients for sixty years? Or perhaps you think it's the inner workings of actors' finances that are somehow special and newsworthy?

If the latter, you get a gold star for pointing out that actors (and/or their accountants) might not be as dumb as they first appear.

But wouldn’t they be dumb since they didn’t take advantage of a S-Corp like you did for all those years?

I only collect a W2 on my regular employee wages. Everything else goes through my company. And it spends money like crazy

[loves2read]

Originally Posted by Electrician4you

But wouldn’t they be dumb since they didn’t take advantage of a S-Corp like you did for all those years?

I only collect a W2 on my regular employee wages. Everything else goes through my company. And it spends money like crazy

That sounds like most of what your company is doing is illegal...
Ever had an audit...