Ugh hate being a W2 employee. The thought that I'm losing 200k/year in taxes is wild. They've made it really darn hard to retire early by putting extremely high tax loads on people making under 1m/year

likefunny
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While I do understand… you are out of touch lol. You are spending too much money. That’s your problem. I hope this is a joke.

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I didn’t say you were struggling. I said you were spending too much money. There is a difference.

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They allow you to advise clients? Sheesh

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? I'm not a tax attorney and clients have 0 issues complaining about their own bills often for stupider reasons

You’re not losing 200k per year in taxes.

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Yes, he prob is. You don’t need to make that much to lose $200k in taxes. In CA being a mid level easily gets you there - even if your w-2 is your only source of income.

How do you pay 200k a year in taxes?

likefunny

I’d say counsel jobs are around that range generally at biglaw no? With senior associate a bit lower. Oh what a dream it is to chill as a forever counsel at my firm… so jealous!

Maybe talk to a CPA and your firm? Maybe you can get your originations paid to your llc so you write stuff off?

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I have no origination. Just a Biglaw W2.

State income taxes are the most outrageous.

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Taxation is theft.

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Seems to be a simple solution: remove yourself from the social contract. Good luck.

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So switch from w2 to self employed. Lol

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Make less money

likefunny

Its BS the highest federal tax bracket is ~450k.

Yea! The highest bracket should for sure be higher both on rate and threshold. Also tax cap gains as income - solves so many issues.

Boo. Hoo.

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