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What age was the youngest PPMD at your firm?
🥺Want some suggestion for busy season!
You know you’re a tax accountant if.....
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Chief
Nope
Someone with less scruples will tell you to set up an LLC for consulting work you do in your side hustle and take all of your previously allowed deductions there as a self employed individual. They might even say that if you have no gross receipts to just add a number that is equivalent to 2% of your modified AGI so that the total deduction you are taking is no more than you would have been allowed had you taken them as unreimbursed employee business expenses. You may even want to show a profit one year, to you know, stay off the IRS hobby loss radar, and fund a SIMPLE IRA.
Lmao depreciation. But sadly you cannot deduct.
Gotta stay cash flow positive! That’s what happens when you work in public accounting 😂
Yes, make sure you depreciate the land your house sits on too 🤣
That was eliminated during the latest tax “cut”
No more Sch. A deduction for W-2 employees. Srry.
You could try to see if they will change you from employee to independent contractor. Downside is you aren’t a full 40 always, no insurance, and pay double on social security but can then deduct the depreciation.
LLC.