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The Self Employed (SE) 401k is 180…$46,000 contribution allowed
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Date: April 12th, 2025 8:25 PM Author: internet g0y And if I hire my wife as I plan to do next year that will be nearly $100,000 in retirement accounts per year (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841477) |
Date: April 12th, 2025 8:25 PM Author: Glory is fleeting, obscurity is forever What (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841480) |
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Date: April 12th, 2025 8:26 PM Author: BakerHostetler ((zurich is stained)) i thought it was like 62k?
i was an equity partner at my last firm (i just left two weeks ago) and i contributed the 23k max, and i got 46k withheld from my year-end distribution in january as a 401k match. it's not being made until september tho. |
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Date: April 12th, 2025 8:29 PM Author: internet g0y Yea I think you’re right but idk how that figure works out.
All I know is a paid a very low tax rate this year as a solo LLC |
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Date: April 12th, 2025 8:36 PM Author: BakerHostetler ((zurich is stained)) i left a firm where i was equity partner and likely would have made about 525k for 2025, for an income partner role at a smaller firm for 475k base and a bonus of 20% of originations over 475k.
i immediately inherited two big clients and took like $1m from my old firm. i think my book might be $1.5m now. rate this situation. |
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Date: April 12th, 2025 10:33 PM Author: Polisci SHITHEAD So your base is essentially a non recoverable draw against 20% commission for net new business you bring. Seems like 40% is closer to market but it’s unclear how many resources (eg associates, paralegal, secretary) you’ll have access to, if you get any profit sharing / dividends / partnership distributions and what the economics of those look like, and if you’ll be fed any deals by other partners I’d be brought in to existing firm clients on any particular matters your background / track record is well suited to (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841784) |
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Date: April 13th, 2025 7:08 PM Author: BakerHostetler ((zurich is stained)) LJL where is 40% normal for a nonequity partner? Shitlaw? This is a much better deal than I’d get at any biglaw firm. With my book, I’d probably make 500 base and get a bonus of like 20k. As things stand, I should make 550-580 this year.
For comparison purposes, a former partner of mine at the biglaw firm has a $2m book. I think he makes around $750. At my firm, after he made equity he’d be making $880k. I’m trying to convince him and a few others to leave to come here.
Once I make equity, the formula is 40% of your working atty number and 20% of originations. Favors guys like me who are productive and have some biz but aren’t huge rainmakers. I think they take care of the rainmakers with extra bonuses
We pay below market to associates (scale tops out at like $390, vs $430 for biglaw), but based on everything I’ve seen partners do way better. |
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Date: April 12th, 2025 9:58 PM Author: potluck why’d you leave? new firm or making huge life changes? (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841684) |
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Date: April 12th, 2025 8:32 PM Author: Illegal Boycott why is it higher if you’re self-employed? (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841494) |
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Date: April 12th, 2025 8:37 PM Author: BakerHostetler ((zurich is stained)) under are tax laws, an employee can contribute 23k to a 401k and the employer can put in an additional 40-something (the total all in is something like 62k)
if you are self employed, you can make the employee as well as the employer contribution. i've been at two firms where i was able to do this as a partner.
it's unfair to w-2 employees.
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Date: April 12th, 2025 8:44 PM Author: Illegal Boycott wow that’s some bullshit (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841521) |
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Date: April 12th, 2025 9:04 PM Author: BakerHostetler ((zurich is stained)) yea when i made partner in biglaw in 2018, i found out about this. i was shocked.
everyone should be allowed to do this. |
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Date: April 12th, 2025 8:33 PM Author: .,.,.;;,;.,..,:,,:,...,:::,...,:,.,.;.:...:.,:.::, why se 401k instead of sep ira (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841495) |
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Date: April 12th, 2025 9:51 PM Author: internet g0y Sep limit of like $21k iirc (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841658) |
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Date: April 12th, 2025 8:43 PM Author: shitlib shibboleth You can put up to $70K into a SEP IRA. Unless you are making less than 280K, then you are capped at 25% of your income. It is truly 180 assuming you plan to live to a ripe age. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841520) |
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Date: April 12th, 2025 8:59 PM Author: Oh, you trade? (🧐) haha thank god lawyers run this country (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841546) |
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Date: April 12th, 2025 9:52 PM Author: internet g0y Wtf I thought it was much less. SEP would have been way easier to set up too. I thought there was a limit or something (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841661) |
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Date: April 12th, 2025 9:57 PM Author: ;..........,,,...,,.;.,,...,,,;.;. all of these laws are set up to fuck UMC wagies (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841679) |
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Date: April 12th, 2025 10:06 PM Author: internet g0y As it should be (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841706) |
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Date: April 12th, 2025 10:22 PM Author: TSINAH eating Jimmy John's in a gay bar You can only contribute up to 25% (I think) of salary as an employer contribution, so you need to be earning $200k+ as a solo to actually max it out. But it's 180 if you can pull it off. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841759) |
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Date: April 12th, 2025 10:28 PM Author: AZNgirl sexually curious abt Peking Pajeet yes its 180 but IIRC if you are like any good small business owner carefully itemizing ALL of your expenses to the point you actually dont have that much income then you cannot contribute that much (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841773) |
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Date: April 12th, 2025 11:15 PM Author: internet g0y You can only do so much with a law firm. You have to report income. That’s why the retirement plans matter so much. 529 is okay but not deductible on fed tax. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48841890) |
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Date: April 13th, 2025 3:10 AM Author: AZNgirl sexually curious abt Peking Pajeet (Goy who never looked at the "deductions" section) (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48842115) |
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Date: April 13th, 2025 3:12 AM Author: VoteRepublican (A true Chad!! where's your gf/wifew?) expplain yer favourite deduction in schedule A and do u have to keep a ton of reciept/ (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48842116) |
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Date: April 13th, 2025 3:15 AM Author: AZNgirl sexually curious abt Peking Pajeet i dont know what the rule is but u can deduct so much shit and they never will actually ask for reciepts
and if u are just a solo mo its hard even keeping track of all shit so just be sure to expense it 3 or 4 times to be safe |
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Date: April 13th, 2025 2:19 PM Author: TSINAH eating Jimmy John's in a gay bar As far as I know, the only rule is that an expense has to be "ordinary and necessary" for your business. So you probably can't expense a bottle of wine or a hooker unless you think you can convince the IRS that either of these things are necessary when running a law firm. But you can definitely expense anything that you normally spend on. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48842844) |
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Date: April 13th, 2025 6:13 PM Author: AZNgirl sexually curious abt Peking Pajeet convince the IRS? lol do u think they have like a form where u write a PLEA to explain ur expensing a $45 sandwich? (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48843362) |
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Date: April 13th, 2025 7:11 PM Author: TSINAH eating Jimmy John's in a gay bar If the IRS doesn't audit you, then you can expense anything you want. The scotusblog guy put his various whores on payroll so that he could pay them with pre-tax money. Of course, he got audited and pwned. But yes, the IRS could, in theory, ask you to justify your deduction for a $45 sandwich and charge you penalties and interest if you can't prove that it was business related.
Also, I was about to ask who the fuck spends $45 on a sandwich, but then I remembered my own moniker. |
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Date: April 13th, 2025 2:17 PM Author: TSINAH eating Jimmy John's in a gay bar My biggest questionable deduction is travel. If I am visiting any kind of family, I make sure to create some texts where I meet with an elderly relative to "discuss their estate plan." You should be fine in an audit as long as you keep a paper trail showing that the meeting actually happened. Also, if you work from home, the home office deduction is pretty sweet. You can deduct a percentage of your mortgage, property taxes, utilities, and any repairs/maintenance to your house. That's as far as I dare to push the envelope. I have heard of people deducting restaurant meals with friends claiming that they were "potential clients" or deducting travel for vacations by claiming it was business development because they handed out business cards, but my guess is that the IRS would not allow that in an audit. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48842842) |
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Date: April 13th, 2025 6:14 PM Author: AZNgirl sexually curious abt Peking Pajeet small business deductions for expenses is the loliest scam on earth (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48843366) |
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Date: April 13th, 2025 2:30 PM Author: Ai agent Wagecucks irate all these 401k workarounds make no sense (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48842865) |
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Date: April 13th, 2025 6:14 PM Author: animeboi (.) 401ks are GAY. enjoy your RMD's. (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48843363) |
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Date: April 13th, 2025 7:13 PM Author: BakerHostetler ((zurich is stained)) Explain why you shouldn’t do a 401k bc of RMDs (http://www.autoadmit.com/thread.php?thread_id=5709676&forum_id=2...id.#48843540) |