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Old 03-28-2018, 03:09 PM
 
18,260 posts, read 11,663,507 times
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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
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Old 03-29-2018, 09:46 AM
 
608 posts, read 281,588 times
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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.
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Old 03-29-2018, 06:26 PM
 
18,260 posts, read 11,663,507 times
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Quote:
Originally Posted by TimAZ View Post
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*.
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Old 03-29-2018, 08:04 PM
 
608 posts, read 281,588 times
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Originally Posted by BugsyPal View Post
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.
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Old 03-30-2018, 10:54 AM
 
Location: Aurora Denveralis
2,999 posts, read 1,023,325 times
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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.
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Old 04-07-2018, 10:55 PM
 
16,493 posts, read 17,525,712 times
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Quote:
Originally Posted by TimAZ View Post
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
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Old 04-13-2018, 06:52 AM
 
27,461 posts, read 44,959,956 times
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Quote:
Originally Posted by Electrician4you View Post
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...
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