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I am on notice period with Tata Consultancy with 2 months remaining with an offer in hand where the joining date is just after notice period ends. Now, I got early release from current company and thus, I saved 2 months. But I want to use these 2 months for travelling, upskilling and looking for better offers instead of contacting the new company for early joining. So, if I join the new company after 2 months will this be considered as a 'gap' in my profile in the future and will it be harmful?
Not sure how one sleeps if this is true.
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First, you don’t get taxed at a 20% rate on a pass thru, you get to deduct 20% of your pass thru income. The remaining pass u income is taxed at ordinary rates. Second, there are limits to how much pass thru income can be deducted. I believe it is the lesser of total w2 income paid by the pass they Corp or 2.5% of capital expenditures for the year.
It only works up to 315k in income married filing joint
If you're at lpl aren't you a 1099? So you could just run your paycheck through an s Corp?
Most FA, don’t pay anywhere close to 20% effective tax rate so it would help that much. Especially will all the extra work of being an independent. There are many in the wire house that prefer that model. They don’t want to “jump” without a safety net. Going Indy, you would be hard pressed not to make 30-40% more a year (net) form those grids but they don’t care. It’s a mind set and taxes are pretty low on that scale of making that decision.
Wouldn’t*
You seem to have a pretty good understanding of the taxes... we work with our CPA to minimize our taxes. We take some as W2, take as much in above line deductions, max the pass through and put the rest in tax deferred programs. One of the biggest perks is no AMT. This is an egregious tax that can go over 30% of income... we haven't paid a dime of AMT since we went Indie RIA in 2009.