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Why are people so quiet in here?
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No mitigation strategies, at least not without a cash impact. Making partner is not a windfall. It will take a few years to realize the financial reward of making partner. That’s assuming you stay current with estimated taxes and spend wisely. Income goes up but everything becomes more expensive.
Encourage your firm to look into the many pass through entity tax regimes at the state level. This has the effect of converting otherwise non deductible state taxes into deductible business expenses. These opportunities exist in many states - though all are different.
Welcome to the club!
Some basics:
1. Max out 401k
2. Most firm should have another defined contribution plan that allow you to the IRS limit above 401k limit. Think it’s about $40K
3. If your working from home, you can deduct certain expenses related to home office
4. You will pay full medical and that’s a deduction.
5. If you took out a loan for the partner capital buy-in, you can deduct interest expense related to that
Not sure about the “by choice” aspect, but in any case it’s a very high hurdle. Among other things, the space has to be 100% specific for business use and nothing else. Not sure the juice is worth the squeeze.
If K1: QBI, business use of home, lease vehicle or bonus depreciation of US made SUV, deduct state taxes.
QBI may apply up to a certain income limit. Otherwise, we’re a SSTB and not applicable.
First 2-3 years you are running in place. Do not change your spending habits was best advice I received when first making partner.
There is the ESOP way…
Would love to hear the answers besides real estate
Isn’t there limitation on deductions here since it is a passive activity?
Welcome to the MLM we call partnership.
Welcome to the 1% club
As in 1% net raise…. LOL
Above all, pay your taxes and pay them timely. Over the years I’ve seen a couple of partners get canned because they didn’t do this. Doesn’t answer your question but when it comes to cash outflow this is job one.