Corrie McConnell
187 posts

Corrie McConnell
@McConnellCorrie
Husband | Girl Dad | CPA/PFS | Tax Geek | Principal at https://t.co/HZuraWT4W2
Lebanon, IN Katılım Ekim 2013
251 Takip Edilen80 Takipçiler

Huge shoutout to @intuit for bringing in a national firm competitor to pitch to our client on how they can make our client's life better. We're the highest level of firm for Intuit and they brought in Aprio who starts talking about their CAS offerings. Thanks Intuit!
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This horse takes my breath away everytime I see him.
Oaklawn Hot Springs@OaklawnRacing
White Abarrio has arrived 💥 A Breeders’ Cup Classic winner and one of the most accomplished horses in the field is now on the grounds at Oaklawn. Saturday’s Grade 2 $1,250,000 Oaklawn Handicap is coming together BIG. #OaklawnRacing
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The only universal viewpoint in all of the investment world....
Politicians should not be allowed to trade while it office.
x.com/MebFaber/statu…
Financial Times@FT
Pete Hegseth’s broker looked to buy defence fund before Iran attack ft.trib.al/DKXRnPP
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Corrie McConnell retweetledi

@Norma5387953815 1,758 move the bottom 2 matches from the 3 and make a 1
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@baldridgecpa Also reduction in QBI if 199A eligible business
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Unpopular opinion:
Maxing your Solo 401k can be a terrible idea for solopreneur S-corp owners.
A prospect client last year. Runs his own practice. 42 years old.
He’s opening a new location. Buying equipment. Building out an office. Hiring staff.
He needs cash.
Instead he was locking up every dollar he could into retirement accounts.
He was paying himself $200k. He really needed to pay himself $100K.
The extra $100K? Just to max out his 401k.
“Maxing out your 401k is free money, right??”
It gets better.
He put his wife on payroll at $150K as well.
His wife already has a $200K corporate job.
Her own 401k. Her own benefits.
She doesn’t need his salary. She doesn’t need his 401k.
He was paying $150K in extra payroll. And $5K in extra payroll taxes. Just to create a 401k for her.
I ran the numbers side by side.
His plan: $350K combined salary. $97K to 401k. $30K in payroll taxes. $126K cash out the door.
My proposal: $150K salary for him. None for her. $53K to his 401k. $14K in payroll taxes. $67K cash out the door.
He was going to lock up an extra $60K for 17 years to save $7K in taxes.
“But I’m in the 37% bracket!”
You’re not saving at 37%. You’re saving at 11%. The payroll taxes to create the contribution eat the rest.
That’s terrible Return on Hassle.
Meanwhile he’s going to get bonus depreciation on every dollar he spends on his new practice.
A 401k isn’t free.
You have to PAY the salary to CREATE the contribution space. More salary means more payroll taxes.
Keep the $60K. Pay the $7K. Use your cash where it works for you.
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@ComputerLove_ @elonmusk How about a Tesla remake of the Delorean??
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This means more than I’m capable of expressing. Thank you to everyone starting with @GolfChannel. It’s on us to earn your time in 2025.
5 Clubs@5ClubsGolf
We are excited to finally share the news and can’t wait for 2025 @GolfChannel nbcsports.com/pressbox/press…
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@CPATaxTeam FAQs update on 9/11/24 touch on this subject. Reporting obligation appears to end when the entity is dissolved. No existing requirement to file an additional report that the company ceases to exist. FINCEN probably gets the information from the government agency when dissolved?
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BOI/CTA question for #taxtwitter:
If a business closes, does it have to file anything after the initial filing? Say it files BOI this year and closes in December. Does anyone have to notify FinCEN?
I'm curious if FinCEN will just have this massive database going forever. @JWellsTax
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