Jones tops with HNW? Say it ain't so
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[quote=Omirp222][quote=Indyone]You don’t know how indies work around SE taxes?!! You need to do some more homework…
Tax evasion? It's the ONLY way to get around it LOL. In order to avoid most SE tax, an owner would have to expense everything out, thus having FAR more then 30k/year overhead/expenses. Could form a corporation and call it "employee taxes" instead of SE tax as well, if it make you feel better. But it still has to be paid.
But if you're only pulling in 75-100k you're small potatoes and could easily hide almost all your income. But you can't "avoid" SE tax.
And I've owned a business for 11 years now, I'm quite versed in all the "tax benefits" of business ownership. If that's what you want to call it.[/quote]
You're a clueless idiot is what you are. Keep posting...you're looking dumber by the minute.
...and you might want to look for a different tax advisor...sounds like yours is committing malpractice.
[/quote]
Please enlighten me how I "get around" self-employment tax, legally? LOL
This ought to be good.
[quote=mikebutler222]I'd be interested to know what a sum total of $30k in overhead gets you. Sounds very, very low to me.[/quote]
I don't think half these people on this board have ever made enough to even fill out anything but a 1040ez, let alone be in the securities biz or own their own biz.
A $10/hour employee costs over 23k a year with no benefits and no overtime, 30k with some bene's and overtime. Lease on class A office is $1k/month for a hole in the wall in anything but a cowpoke town. Biz insurance, utilities (phone, power, water for all you EZ filers), no to mention office supplies, office maintenance, advertising, auto expenses, etc.
I could buy 30k a year with no employees and no real office. But that really isn't a business, you're a traveling salesman. To each his own I guess.
[quote=Indyone][quote=Omirp222][quote=Indyone]You don’t know how indies work around SE taxes?!! You need to do some more homework…
Tax evasion? It's the ONLY way to get around it LOL. In order to avoid most SE tax, an owner would have to expense everything out, thus having FAR more then 30k/year overhead/expenses. Could form a corporation and call it "employee taxes" instead of SE tax as well, if it make you feel better. But it still has to be paid.
But if you're only pulling in 75-100k you're small potatoes and could easily hide almost all your income. But you can't "avoid" SE tax.
And I've owned a business for 11 years now, I'm quite versed in all the "tax benefits" of business ownership. If that's what you want to call it.[/quote]
You're a clueless idiot is what you are. Keep posting...you're looking dumber by the minute.
...and you might want to look for a different tax advisor...sounds like yours is committing malpractice.
[/quote]Please enlighten me how I "get around" self-employment tax, legally? LOL
This ought to be good.[/quote]
I'm not interested in passing out free tax advice in a public forum. Just know that it's common practice done all the time and has been discussed on these boards many times. Will the tax law remain the same forever regarding this issue? Who knows. All I will say is that I pay much less in SE taxes every year as a business owner than I ever did as an employee and yet I'm making more money.
If your tax advisor doesn't know how I'm doing it, you should find a new one.
You can prob figure it out on Google in 10 minutes. Which is what it would take for me to write you up an explanation. It is VERY common. INDYONE is DEAD on, if your CPA doesn't know about this, fire him/her today.
If you don't find it on Google, call a different CPA you know and have them explain it to you.
PS here is a clue. You dont’ “Get around” it completely. You lower the amount of salary you are paying it on. If you lower it to zero you may get audited and fined. You have to keep it reasonable.
FYI, I'm not an accountant, and my tax advice is worth what you would expect to pay for anonymous advice over the internet. If you rely on it and get yourself in trouble, then it was your stupidity for listening to me.
Just set up a subchapter S corp, and pay yourself a modest salary. Take out your profits as dividends. There may be a little more to it than that, but I am part owner of a non-related business and that's what we do. Everyone takes a very small salary, and then we pay out dividends every month. We have an accountant who blessed this plan, so I assume it is kosher. I don't know why a financial planner would have to do it differently than any other business owner.
At first I thought there was something extra I was missing, but this is all we are talking about, right?
It's not a real secret, and it's not even illegal or unethical. Every business has to decide how much each employee is worth in terms of salary. That's why many large firms claim their Exec's make small salaries - because they own half the company.
As long as the salary is reasonable, the IRS can't have a problem with it.
Jones tops with HNW…They must have surveyed only HNW GP in St Louis.
Seriously…The big wires and no-loaders have MUCH higher balances than Eddie.
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This article says Edward Jones is Tops In High Net Worth customer satisfaction:
http://registeredrep.com/wealthmanagement/Wealthy_Like_Ed_Jo nes_Schwab/
Maybe the Jones complainers on this board just didn’t have what it takes to be successful in this business and just happened to get there opportunity to get into this industry with Edward Jones. From what I’ve seen Jones seems to do a pretty good job of teaching new advisors how to grow a business and market themselves. As a matter of fact the advisors in my office are always complaining about how Jones: Markets to their CPAs and Attorneys, runs ads in the local paper, holds investment classes, how each advisor has there own assistant, etc, etc, etc.
Like many of you I too come the planet of EDJ. Today I saw my American Legacy wholesaler for the first time. I love the way when you talk to anyone from American Funds they think of Jones fondly, and start making refrences to your former employer and how great they are. If they were so great why would anyone leave? I saw more attrition at Jones every meeting it was where is that person? I can’t believe anyone would defend them. Indy is so much better. Try it you will like it.
[quote=BigPayDay]This article says Edward Jones is Tops In High Net Worth customer satisfaction:
http://registeredrep.com/wealthmanagement/Wealthy_Like_Ed_Jo nes_Schwab/
Maybe the Jones complainers on this board just didn't have what it takes to be successful in this business and just happened to get there opportunity to get into this industry with Edward Jones. From what I've seen Jones seems to do a pretty good job of teaching new advisors how to grow a business and market themselves. As a matter of fact the advisors in my office are always complaining about how Jones: Markets to their CPAs and Attorneys, runs ads in the local paper, holds investment classes, how each advisor has there own assistant, etc, etc, etc.[/quote]
Please learn the difference between "there" and "their".