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#1 Biden didn't win, Trump won in a landslide and all of the evidence will be coming out in the court proceedings. In 2000, FL was the state that decided it in the courts...this year we have about 5 or 6 Florida's and the fraud is rampant and profound. Trump will emerge the victor as ruled by SCOTUS sometime in December is my prediction. The news and social media doesn't decide elections.
#2 Biden/Harris (mostly Harris) would definitely raise taxes on EVERYONE. Starts by eliminating Trump's tax cuts which was a universal tax decrease.
RSM1, what you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this thread is now dumber for having read it. I award you no points, and may God have mercy on your soul.
I doubt partners took advantage of the QBI deduction. More than likely passed the limits with the SSTB.
BUUUUUT just increase your expenses by giving raises to the staff. 😉😉
Based on what I could piece together, it appears that under Trump you got a break for being a partnership of 20% which will go away under Biden, as well as increased taxes.
I know there are a lot of nuances to taxes and it's not that simple.
Do you have any concerns about Bidens increased taxes on yourself or the partnership as a whole?
Accounting firms are SSTBs, so with $400k I think there’s a good chance you wouldn’t get the 20% deduction either way
You learn something new everyday, didn't even know that was a thing.