And I went through an audit, they were not happy with me, but I had a tax attorney there.
When they asked me why I chose to take money in that method I replied “because I can”. My attorney did not like my answer from a impolitic point of view but everyone conceded that I was compliant with tax law. But it is 100% legal. Especially if you claim you are part time (which I am) and you are in a board advisory position (which we all are). From: Chuck McCown via AF Sent: Sunday, March 27, 2022 1:55 PM To: [email protected] Cc: Chuck McCown Subject: Re: [AFMUG] OT Social Security When I have been in a position to actually take money out of a company, I did so via directors fees to avoid FICA. From: Bill Prince Sent: Sunday, March 27, 2022 1:25 PM To: [email protected] Subject: Re: [AFMUG] OT Social Security When we were in startup mode, we did not take salaries. However, when we started making money, our accountant advised us to take token salaries to avoid an IRS audit. bp <part15sbs{at}gmail{dot}com>On 3/27/2022 11:29 AM, Chuck McCown via AF wrote: I have not collected a paycheck in years. Yes, positive cash flow and growth, but zero or negative net income to the rescue. Gotta love depreciation expense. From: Robert Sent: Sunday, March 27, 2022 9:20 AM To: [email protected] Subject: Re: [AFMUG] OT Social Security At the level of your income, I'll bet that they take most of that back! Unless you are one of those sneaky tax dodgers.. Write-offs to the rescue!!! On 3/26/22 8:09 PM, Chuck McCown via AF wrote: I started early just to get the cash flow. Fortunately I will probably never need it for survival. From: Bill Prince Sent: Saturday, March 26, 2022 8:35 PM To: [email protected] Subject: Re: [AFMUG] OT Social Security My sister & brother believed that and both started SS at the earliest they could, assuming that it would be gone before they could get their due. I waited until I was 70 to maximize what I get. bp <part15sbs{at}gmail{dot}com>On 3/26/2022 5:44 PM, Chuck McCown via AF wrote: Seem all my life I was told SS would not be there when it came time for me to apply. Guess they were wrong. Sent from my iPhone On Mar 26, 2022, at 6:13 PM, Bill Prince mailto:[email protected] wrote: You realize of course that I (we) paid into social security for over 5 decades? bp <part15sbs{at}gmail{dot}com>On 3/26/2022 3:22 PM, Steve Jones wrote: You damn welfare leeches. Think you can get old and suckle the government teat like that. Cyanide pills is the only medication medicare should be paying for. You realize its all these old people collecting this welfare that puts me out of the earned income bracket. I mean, come on, how do you expect me to get those sweet rims and a new flatscreen at tax time if the olds are always out there taking my money. They call it an earned income credit, which obviously means i earned it... you get social security.. what, youre scared and need security now. This makes me so mad i could smack my sister cousin marlene right in her dentures On Sat, Mar 26, 2022, 1:40 PM Bill Prince <[email protected]> wrote: That's how they make up for the income tax shortfall. bp <part15sbs{at}gmail{dot}com>On 3/26/2022 11:22 AM, Chuck McCown via AF wrote: I signed up for social security. And now I get 10 text messages a day hawking loans and welfare programs. Surprised the govt sells its info. Text messages, so they made my phone number available. -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com ---------------------------------------------------------------------------- -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com ------------------------------------------------------------------------------ -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com -------------------------------------------------------------------------------- -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com -------------------------------------------------------------------------------- -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com
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